Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. u.s.m's actuary determined that 2024 service cost

U.S.M's actuary determined that 2024 service cost is $61,000. Both the expected and actual rate...

60.1K

Verified Solution

Question

Accounting

image
U.S.M's actuary determined that 2024 service cost is $61,000. Both the expected and actual rate of return on plan assets are 10%. The interest (discount) rate is 6%. U.S.M. contributed $121,000 to the pension fund ot the end of 2024, and retirees were paid $45,000 from plan ossets. Required: 1. What is the pension expense at the end of 2024 ? 2. What is the projected benefit obligation at the end of 2024 ? 3. What is the plan assets balance ot the end of 2024 ? 4. What is the net pension asset or net pension liability at the end of 2024 ? 5. Prepare journal entries to record the (a) pension expense, (b) funding of plan ossets, and (c) retiree benefit payments

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

A. Piaget was undoubtedly influential in the field of cognitive development. However, new research examining cognitive...

Mechanical Engineering
1.2K views

How to model an inverted pendulum in matlab and simulink?

General Management
1.2K views

There are many contributing factors that will determine the success of a group. These factors include...

Physics
1.2K views

19 A network of resistances is connected to a 16V battery with internal resistance of...

Geometry
1.2K views

Select the correct answer from each drop down menu 15 In AABC mzB 90 cos...

Basic Math
1.2K views

erome is contemplating the purchase of 100 shares of a stock selling for 19 per...

Calculus
1.2K views

Use the Binomial Theorem to expand and simplify the expression y 9 4

Calculus
1.2K views

Minimize f x y z x y z subject to 4x 8y 6z 116 Y

Accounting
1.2K views

Use the following information for the Quick Study below. (Algo) [The following information...

Accounting
1.2K views

You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage...

Accounting
1.2K views

what does this statement mean in accounting "Not the hills and trees, as such, but......

Accounting
1.2K views

Hill Corporation issued $1,500,000 of 10% bonds at 98 on January 2, 2019. Interest is...