Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. damian recorded its contribution into its pension

Damian recorded its contribution into its pension plan as Pension Expense in 2022. In examining...

60.1K

Verified Solution

Question

Accounting

Damian recorded its contribution into its pension plan as Pension Expense in 2022. In examining 2021s financials you note the following in the footnotes (all numbers in 000s). Projected Pension Benefit Obligation ($2,200) Plan Assets (Fair Value) 2,000 Unfunded Pension (200) Unamortized Prior service cost 240 In discussions with the actuary you determine the following: 2022 service cost is $160. The discount rate used to compute the PBO is 6% At 12/31/21, 10 years remained related to the prior service cost. The company assumes an expected return on its pension assets of 7%. Funding is always on 12/31 of each year. The plan asset value at the end of 2022 after the funding was $2,340 Assume that the pension expense was properly recorded in 2021, but that the firm recorded nothing related to the funded status of the plan on the books. Through the end of 2021, the firm had no unrecognized gains or loss related to actuarial assumptions or plan assets

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Explain how testosterone in young boys (prepuberty) is released and remains at low circulating levels. Discuss the...

Medical Sciences
Q

A coffee company has found that the marginal cost in dollars per pound of the...

Basic Math
Q

Suppose u and v are functions of x that are differentiable at x = 0...

Basic Math
Q

What category do experts suggest 25-30% of your income should be spent on?TransportationSavingsHousing

Algebra
Q

Explain what the company has included in its Cash and Cash...

Accounting
Q

Calculating and Using a Single Charging Rate The expected costs for the Maintenance Department of...

Accounting
Q

The Production Department of Hruska Corporation has submitted the following forecast of units to be...

Accounting
Q

The payroll register for D. Salah Company for the week ended May 18 indicated the...

Accounting
Q

Thompson Inc. has a $10M revolving credit agreement with its bank. It pays interest on...

Accounting
Q

Chevelle, Inc. has sales of $53299, costs of $13567, depreciation expense of $9184, and interest...

Accounting
Q

Acme Corporation sells gadgets and uses the perpetual inventory system. During the month of January...

Accounting
Q

There are no more parts to this questions. all ot provides is shown below ...

Accounting