see attached doc. Can this be competed by sunday?

Question
see attached doc. Can this be competed by sunday?

A company’s defined benefit pension plan had a PBO of $269,000 on January 1, 2016. During 2016, pension benefits paid were $43,000. The discount rate for the plan for this year was 8%. Service cost for 2016 was $89,000. Plan assets (fair value) increased during the year by $51,000. The amount of the PBO at December 31, 2016, was:
$226,000.

$379,520.

$336,520.

None of these answer choices is correct.

Mars Inc. has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary. The following information was included in the report: ending PBO, $114,000; benefits paid to retirees, $13,500; interest cost, $8,400. The discount rate applied by the actuary was 10%. What was the beginning PBO?
$100,500.

$105,600.

$108,900.

$84,000.

Data for 2016 were as follows: PBO, January 1, $241,000 and December 31, $272,000; pension plan assets (fair value) January 1, $183,000, and December 31, $235,000. The projected benefit obligation was underfunded at the end of 2016 by:
$58,000.

$37,000.

$31,000.

$52,000.

Scallion Company received the following reports of its defined benefit pension plan for the current calendar year:

PBO

Plan assets

Balance, January 1

$430,000

Balance, January 1

$252,000

Service cost

192,000

Actual return

38,000

Interest cost

39,000

Annual contribution

110,000

Benefits paid

(88,000)

Benefits paid

(88,000)

Balance, December 31

$573,000

Balance, December 31

$312,000

The long-term expected rate of return on plan assets is 10%. Assuming no other data are relevant, what is the pension expense for the year?

$276,000.

$193,000.

$205,800.

$231,000.

The following information is related to the defined benefit pension plan of Dreamworld Company for the year:

Service cost

$68,000

Contributions to pension plan

117,000

Benefits paid to retirees

155,000

Plan assets (fair value), January 1

650,000

Plan assets (fair value), December 31

764,000

Actual return on plan assets

152,000

PBO, January 1

950,000

PBO, December 31

958,000

Discount rate

10%

Long-term expected return on plan assets

9%

Assuming no other relevant data exist, what is the pension expense for the year?

$68,000.

$163,000.

$101,500.

$104,500.

Colombo Enterprises has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginning PBO, $80,000; service cost, $17,500; interest cost, $6,700; benefits paid for the year, $8,000; ending PBO, $96,200; and the expected return on plan assets, $12,000. There were no other pension-related costs. The journal entry to record the annual pension costs will include a debit to pension expense for:
$12,200.

$24,200.

$5,500.

$10,800.

Castillo Company has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginning PBO, $75,000; service cost, $18,000; interest cost, $5,000; benefits paid for the year, $9,000; ending PBO, $89,000; the expected return on plan assets, $10,000; and cash deposited with pension trustee, $17,000. There were no other pension-related costs. The journal entry to record the annual pension costs will include a credit to the PBO for:
$17,000.

$18,000.

$13,000.

$23,000.

The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC).

($ in millions) debit (credit)

PBO

Plan assets

Prior service cost

Net (Gain) loss

Pension Expenses

Cash

Net Pension (Liability)/ Asset

Beginning Balance

(520)

64

Service cost

68

Interest cost

Expected return on assets

(25)

Gain/loss on assets

(3)

Amortization of:

Prior service cost

(8)

Net gain loss

Loss on PBO

(27)

27

Contribution to funds

(62)

Retiree benefits paid

47

(47)

Ending balance

(598)

300

60

84

(298)

What was the prior service cost at the beginning of the year?

$63

$52

$68

$60

Top of Form

The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC).

($ in millions) debit (credit)

PBO

Plan assets

Prior service cost

Net (Gain) loss

Pension Expenses

Cash

Net Pension (Liability)/ Asset

Beginning Balance

(540)

70

Service cost

74

Interest cost

Expected return on assets

(27)

Gain/loss on assets

(4.00)

Amortization of:

Prior service cost

(10)

Net gain loss

Loss on PBO

(29)

29

Contribution to funds

(68)

Retiree benefits paid

51

(51)

Ending balance

(621)

312

66

90

(310)

What is OTC’s pension expense for the year?

$80.00

$91.00

$84.00

$16.00

Bottom of Form

Top of Form

The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC).

($ in millions) debit (credit)

PBO

Plan assets

Prior service cost

Net (Gain) loss

Pension Expenses

Cash

Net Pension (Liability)/ Asset

Beginning Balance

(420)

42

Service cost

38

Interest cost

Expected return on assets

(15)

Gain/loss on assets

(.50)

Amortization of:

Prior service cost

(3)

Net gain loss

Loss on PBO

(17)

17

Contribution to funds

(32)

Retiree benefits paid

27

(27)

Ending balance

(483)

242

38

54

(240)

What was the balance of the net pension asset/liability reported in the balance sheet at the end of the previous year?

Net pension asset of $197.50.

Net pension liability of $197.50.

Net pension liability of $350.00.

Net pension asset of $350.00.

Bottom of Form

ATTACHMENT PREVIEW Download attachment
1.A company’s defined benefit pension plan had a PBO of $269,000 on January 1, 2016.During 2016, pension benefits paid were $43,000. The discount rate for the plan for thisyear was 8%. Service cost for 2016 was $89,000. Plan assets (fair value) increasedduring the year by $51,000. The amount of the PBO at December 31, 2016, was:$226,000.$379,520.$336,520.None of these answer choices is correct.2.Mars Inc. has a defined benefit pension plan. On December 31 (the end of the fiscalyear), the company received the PBO report from the actuary. The following informationwas included in the report: ending PBO, $114,000; benefits paid to retirees, $13,500;interest cost, $8,400. The discount rate applied by the actuary was 10%. What was thebeginning PBO?$100,500.$105,600.$108,900.$84,000.3.Data for 2016 were as follows: PBO, January 1, $241,000 and December 31, $272,000;pension plan assets (fair value) January 1, $183,000, and December 31, $235,000. Theprojected benefit obligation was underfunded at the end of 2016 by:$58,000.$37,000.$31,000.$52,000.
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View the Answer
4.Scallion Company received the following reports of its defined benefit pension plan forthe current calendar year:PBOPlan assetsBalance, January 1$430,000 Balance, January 1$252,000Service cost192,000 Actual return38,000Interest cost39,000 Annual contribution110,000Benefits paid(88,000) Benefits paid(88,000)Balance, December 31$573,000 Balance, December 31$312,000The long-term expected rate of return on plan assets is 10%. Assuming no other data arerelevant, what is the pension expense for the year?$276,000.$193,000.$205,800.$231,000.5.The following information is related to the defined benefit pension plan of DreamworldCompany for the year:Service cost$68,000Contributions to pension plan117,000Benefits paid to retirees155,000Plan assets (fair value), January 1650,000Plan assets (fair value), December 31764,000Actual return on plan assets152,000PBO, January 1950,000PBO, December 31958,000Discount rate10%Long-term expected return on plan assets9%
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