Problem 1mccaw company provides the following information, Ask an Expert

Accounting

PROBLEM 1

McCaw Company provides the following information about its defined-benefit pension plan for the year 2017.

Service cost
Contribution to the plan
Prior service cost amortization
Actual and expected return on plan assets Benefits paid
Plan assets at January 1, 2017
Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount (settlement) rate

$210,000 263,000 36,000 123,000 220,000 1,440,000 1,800,000 325,000 8%

Instruction: Compute the pension expense for the year 2017.

PROBLEM 2

Banc Six Corp. provides the following information related to its postretirement benefits for the year 2017.

Accumulated postretirement benefit obligation at January 1, 2017 Actual and expected return on plan assets Unrecognized prior service cost amortization
Discount rate

$1,159,000 2,500 106,000 6% 121,000

Service cost

Instruction: Compute postretirement benefit expense for 2017.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92760229

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