Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the funded status of hilton paneling inc.'s define

The funded status of Hilton Paneling Inc.'s defined benefit pension plan and the balances in prior...

80.2K

Verified Solution

Question

Accounting

The funded status of Hilton Paneling Inc.'s defined benefitpension plan and the balances in prior service cost and the netgain–pensions, are given below.

($ in 000s)
20212021
Beginning
Balances		Ending
Balances
Projected benefit obligation$3,900$4,401
Plan assets4,3004,681
Funded status400280
Prior service cost–AOCI400350
Net gain–AOCI440377


Retirees were paid $251,000, and the employer contribution to thepension fund was $264,000 at the end of 2021. The expected rate ofreturn on plan assets was 10%, and the actuary’s discount rate is6%. There were no changes in actuarial estimates and assumptionsregarding the PBO.

Required:
1. Determine the actual return on plan assets of2021.
2. Determine the loss or gain on plan assets of2021.
3. Determine the service cost of 2021.
4. Determine the pension expense of 2021.
5. Average remaining service life of activeemployees (used to determine amortization of the net gain).

(For all requirements, enter your answers in thousands(i.e. 200,000 should be entered as 200).)


Answer & Explanation Solved by verified expert
3.9 Ratings (463 Votes)
1 Actual Return on Plan Assets Plan Assets Beginning of 2021 4300 Actual Return Cash Contribution 264 Retiree Benefit 251 And of 2021 4681 Actual Return 4681    See Answer
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

?(Payback ?period, NPV,? PI, and IRR calculations?) You are considering a project with an initial cash...

Finance
Q

Series Solutions of Ordinary Differential Equations For the following problems solve the given differential equation by...

Basic Math
Q

Calculate E?cell for each of the following balanced redox reactions. A. O2(g)+2H2O(l)+4Ag(s)?4OH?(aq)+4Ag+(aq) B. Br2(l)+2I?(aq)?2Br?(aq)+I2(s) C. PbO2(s)+4H+(aq)+Sn(s)?Pb2+(aq)+2H2O(l)+Sn2+(aq) D. Determine whether the reaction in part...

Chemistry
Q

1. How does a crossing system differ from an electronic exchange? 2. What is a specialist? What...

Finance
Q

Which of the following techniques was used to identify the size of CptA?Fetal membrane transversalHemolysis...

Biology
Q

When Darwin returned to England from his voyage aboard the HMS Beagle, he immediately published...

Biology
Q

Given the function z cos find the domain and the equations for two level curves...

Calculus
Q

Factor the polynomial 6 18b 80 Answer

Algebra
Q

On January 1, 2020, Sunland Ltd. acquires a building at a cost of...

Accounting
Q

Moleri, an accrual basis corporation with a fiscal taxable year ending on July 31, owns...

Accounting
Q

The following information applies to the operations of MK Inc. for 2018 and 2019. Assume...

Accounting
Q

On December 31, records show the following accounts. Use this information to prepare a December...

Accounting