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

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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)
2021 2021
Beginning
Balances Ending
Balances
Projected benefit obligation $ 3,900 $ 4,401
Plan assets 4,300 4,681
Funded status 400 280
Prior service cost–AOCI 400 350
Net gain–AOCI 440 377

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).)

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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

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	($ in 000s)
		2021		2021
	Beginning Balances		Ending Balances
Projected benefit obligation	$	3,900	$	4,401
Plan assets		4,300		4,681
Funded status		400		280
Prior service cost–AOCI		400		350
Net gain–AOCI		440		377