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• Kimmel Accounting Ch 20 Solutions Guidelines

Intermediate Accounting 16th Edition solutions manual - chapter 20 - Accounting for Pensions and Postretirement Benefits. 1.

Intermediate Accounting 16th Edition – US GAAP Accounting for Pensions and Postretirement Benefits Chapter 20 Questions & Solutions Donald E. Kieso Jerry J. Weygandt Terry D. Warfield. BRIEF EXERCISES BE20-1 (L01) AMR Corporation (parent company of American Airlines) reported the following (in millions).

Kieso Intermediate Accounting 14th Edition Chapter 20 Solutions Pdf. Weygandt, paul d. Kimmel, donald e. Kieso, isbn:, genres: accounting free.

Service cost $366 Interest on P.B.O. 737 Return on plan assets 593 Amortization of prior service cost 13 Amortization of net loss 154 Compute AMR Corporation’s pension expense. BE20-2 (L01) For Warren Corporation, year-end plan assets were $2,000,000. At the beginning of the year, plan assets were $1,780,000.

During the year, contributions to the pension fund were $120,000, and benefits paid were $200,000. Compute Warren’s actual return on plan assets. BE20-3 (L02) At January 1, 2017, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2017, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000, contributions were $20,000, and benefits paid were $17,500. Prepare a pension worksheet for Hennein Company for 2017. BE20-4 (L02) Campbell Soup Company reported pension expense of $73 million and contributed $71 million to the pension fund. Prepare Campbell Soup Company’s journal entry to record pension expense and funding, assuming Campbell has no OCI amounts.

BE20-5 (L03) Mancuso Corporation amended its pension plan on January 1, 2017, and granted $160,000 of prior service costs to its employees. The employees are expected to provide 2,000 service years in the future, with 350 service years in 2017. Com- pute prior service cost amortization for 2017. BE20-6 (L03) At December 31, 2017, Besler Corporation had a projected benefit obligation of $560,000, plan assets of $322,000, and prior service cost of $127,000 in accumulated other comprehensive income. Determine the pension asset/liability at Decem- ber 31, 2017.

BE20-7 (L04) Shin Corporation had a projected benefit obligation of $3,100,000 and plan assets of $3,300,000 at January 1, 2017. Shin also had a net actuarial loss of $465,000 in accumulated OCI at January 1, 2017. The average remaining service period of Shin’s employees is 7.5 years. Compute Shin’s minimum amortization of the actuarial loss. BE20-8 (L05) Hawkins Corporation has the following balances at December 31, 2017.

Projected benefit obligation $2,600,000 Plan assets at fair value 2,000,000 Accumulated OCI (PSC) 1,100,000 How should these balances be reported on Hawkins’ balance sheet at December 31, 2017? BE20-9 (L05) Norton Co. Had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 $28,000 Unexpected asset gain for 2017 18,000 Accumulated other comprehensive income (G/L) (beginning balance) 7,000 Cr.

Determine for 2017 (a) Norton’s other comprehensive income (loss) and (b) comprehensive income. Net income for 2017 is $26,000; no amortization of gain or loss is necessary in 2017.

BE20-10 (L05) Lahey Corp. Has three defined benefit pension plans as follows. Pension Assets Projected Benefit (at Fair Value) Obligation Plan X $600,000 $500,000 Plan Y 900,000 720,000 Plan Z 550,000 700,000 How will Lahey report these multiple plans in its financial statements? BE20-11 (L06,7) Manno Corporation has the following information available concerning its postretirement benefit plan for 2017.

Service cost $40,000 Interest cost 47,400 Actual and expected return on plan assets 26,900 Compute Manno’s 2017 postretirement expense.BE20-12 (L06,7) For 2017, Sampsell Inc. Computed its annual postretirement expense as $240,900.

Kimmel Accounting Ch 20 Solutions Guidelines

Sampsell’s contribution to the plan during 2017 was $180,000. Prepare Sampsell’s 2017 entry to record postretirement expense, assuming Sampsell has no OCI amounts. EXERCISES E20-1 (L01,2) EXCEL (Pension Expense, Journal Entries) The following information is available for the pension plan of Radcliffe Company for the year 2017. Actual and expected return on plan assets $ 15,000 Benefits paid to retirees 40,000 Contributions (funding) 90,000 Interest/discount rate 10% Prior service cost amortization 8,000 Projected benefit obligation, January 1, 2017 500,000 Service cost 60,000 Instructions (a) Compute pension expense for the year 2017. (b) Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2017.

E20-2 (L01,2,3) (Computation of Pension Expense) Veldre Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $ 90,000 Contribution to the plan 105,000 Prior service cost amortization 10,000 Actual and expected return on plan assets 64,000 Benefits paid 40,000 Plan assets at January 1, 2017 640,000 Projected benefit obligation at January 1, 2017 700,000 Accumulated OCI (PSC) at January 1, 2017 150,000 Interest/discount (settlement) rate 10% Instructions Compute the pension expense for the year 2017. E20-3 (L01,2,3) (Preparation of Pension Worksheet) Using the information in E20-2, prepare a pension worksheet insert- ing January 1, 2017, balances, showing December 31, 2017, balances, and the journal entry recording pension expense.

E20-4 (L01,2) (Basic Pension Worksheet) The following facts apply to the pension plan of Boudreau Inc. For the year 2017. Plan assets, January 1, 2017 $490,000 Projected benefit obligation, January 1, 2017 490,000 Settlement rate 8% Service cost 40,000 Contributions (funding) 25,000 Actual and expected return on plan assets 49,700 Benefits paid to retirees 33,400 Instructions Using the preceding data, compute pension expense for the year 2017.

As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts. E20-5 (L03) (Application of Years-of-Service Method) Andrews Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2017 are as follows. Future Employee Years of Service Jim 3 Paul 4 Nancy 5 Dave 6 Kathy 6 On January 1, 2017, the company amended its pension plan, increasing its projected benefit obligation by $72,000. Exercises 1163. 1164 Chapter 20 Accounting for Pensions and Postretirement Benefits Instructions Compute the amount of prior service cost amortization for the years 2017 through 2022 using the years-of-service method, set- ting up appropriate schedules.

E20-6 (L01) (Computation of Actual Return) Gingrich Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2017 $2,400,000 Fair value of pension plan assets, December 31, 2017 2,725,000 Contributions to the plan in 2017 280,000 Benefits paid retirees in 2017 350,000 Instructions From the data above, compute the actual return on the plan assets for 2017. E20-7 (L01,2,3) EXCEL (Basic Pension Worksheet) The following defined pension data of Rydell Corp.

Apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) $560,000 Plan assets, 1/1/17 546,200 Pension liability 13,800 On January 1, 2017, Rydell Corp., through plan amendment, grants prior service benefits having a present value of 120,000 Settlement rate 9% Service cost 58,000 Contributions (funding) 65,000 Actual (expected) return on plan assets 52,280 Benefits paid to retirees 40,000 Prior service cost amortization for 2017 17,000 Instructions For 2017, prepare a pension worksheet for Rydell Corp. That shows the journal entry for pension expense and the year-end bal- ances in the related pension accounts. E20-8 (L04) (Application of the Corridor Approach) Kenseth Corp.

Has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets. Projected Plan Benefit Assets Obligation Value 2016 $2,000,000 $1,900,000 2017 2,400,000 2,500,000 2018 2,950,000 2,600,000 2019 3,600,000 3,000,000 The average remaining service life per employee in 2016 and 2017 is 10 years and in 2018 and 2019 is 12 years. The net gain or loss that occurred during each year is as follows: 2016, $280,000 loss; 2017, $90,000 loss; 2018, $11,000 loss; and 2019, $25,000 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.) Instructions Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule.

E20-9 (L05) (Disclosures: Pension Expense and Other Comprehensive Income) Taveras Enterprises provides the following information relative to its defined benefit pension plan.