Acc 410 week 4 Question 2 The following facts apply to the pension plan of Boudreau Inc. for the year 2014. Plan assets, January 1, 2014 $490,000 Projected benefit obligation, January 1, 2014 $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 Using the preceding data, compute pension expense for the year 2014. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2014 and the year-end balances in the related pension accounts. Question 3 Gingrich Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2014 $2,400,000 Fair value of pension plan assets, December 31, 2014 $2,725,000 Contributions to the plan in 2014 $280,000 Benefits paid retirees in 2014 $350,000 From the data above, compute the actual return on the plan assets for 2014 question 4 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. Question 5 The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2014 $300,000 2015 $480,000 2016 $(210,000) 2017 $(290,000) Other information about the company’s pension obligation and plan assets is as follows. As of January 1, Projected Benefit Plan Assets Obligation (market-related asset value) 2014 $4,000,000 $2,400,000 2015 $4,520,000 $2,200,000 2016 $5,000,000 $2,600,000 2017 $4,240,000 $3,040,000 Gustafson Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 5,600. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2014. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2014, 2015, 2016, and 2017. Apply the “corridor” approach in determining the amount to be amortized each year. (Round answers to 0 decimal places, e.g. 2,500.)
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