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    Midterm Quiz 104

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    Sky Soronoi
    This document provides financial information related to an employee benefit plan. It includes beginning and ending balances for defined benefit obligations, fair value of plan assets, asset ceiling, and prepaid benefit costs. It also lists expenses such as current service costs, interest costs and returns, and contributions to the plan. Calculations are shown for remeasurements of obligations, assets, and prepaid benefit costs at year-end.

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    Midterm Quiz 104

    Uploaded by

    Sky Soronoi
    201 views8 pages
    This document provides financial information related to an employee benefit plan. It includes beginning and ending balances for defined benefit obligations, fair value of plan assets, asset ceiling, and prepaid benefit costs. It also lists expenses such as current service costs, interest costs and returns, and contributions to the plan. Calculations are shown for remeasurements of obligations, assets, and prepaid benefit costs at year-end.

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    Midterm-Quiz-104

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    This document provides financial information related to an employee benefit plan. It includes beginning and ending balances for defined benefit obligations, fair value of plan assets, asset ceiling, and prepaid benefit costs. It also lists expenses such as current service costs, interest costs and returns, and contributions to the plan. Calculations are shown for remeasurements of obligations, assets, and prepaid benefit costs at year-end.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    201 views8 pages

    Midterm Quiz 104

    Uploaded by

    Sky Soronoi
    This document provides financial information related to an employee benefit plan. It includes beginning and ending balances for defined benefit obligations, fair value of plan assets, asset ceiling, and prepaid benefit costs. It also lists expenses such as current service costs, interest costs and returns, and contributions to the plan. Calculations are shown for remeasurements of obligations, assets, and prepaid benefit costs at year-end.

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    You are on page 1of 8

    Defind Benefit Obligation, beginning 3,590,000

    Fair Value of Plan Assets, beginning 4,650,000


    Asset Ceiling, beginning 590,000
    Effect on asset ceiling, ending 285,025
    Current Service Cost 684,300
    Past Service Cost 218,400
    Liability extinguished in settlement 516,200
    Increase in DBO due to change in assumption 154,700
    Interest Cost on the effect on asset ceiling 34,075
    Gain on Settlement 28,500
    Gross income generated from plan assets 332,800
    Cost of managing the fund paid to trustee 19,300
    Payment to retired employees 336,900
    Actual Contributions to plan Assets 580,000

    Discount Rate
    Fair Value of Plan Assets, beginning 4,650,000
    Defind Benefit Obligation, beginning 3,590,000
    Prepaid Benefit Cost - surplus 1,060,000
    Asset Ceiling, beginning 590,000
    Effect of Asset Ceiling, Jan. 1 470,000
    Discount Rate (7.25% - SQUEEZED) 0.0725
    Interest Cost on the effect on asset ceiling 34,075

    Defind Benefit Obligation, beginning 3,590,000


    Discount Rate (7.25% - SQUEEZED) 0.0725
    Interest Cost on DBO 260,275

    Fair Value of Plan Assets, beginning 4,650,000


    Discount Rate (7.25% - SQUEEZED) 0.0725
    Interest Income on FVPA 337,125

    Settlement Price 487,700


    Liability extinguished in settlement 516,200
    Gain on Settlement 28,500

    Gross income generated from plan assets 332,800


    Interest Income on FVPA 337,125
    Cost of managing the fund paid to trustee (19,300)
    Net Actual Return on Plan Assets 650,625

    Current Service Cost 684,300


    Past Service Cost 218,400
    Interest Cost on DBO 260,275
    Interest Income on FVPA (337,125)
    Interest Cost on the effect on asset ceiling 34,075
    (Gain) on Settlement Plan (28,500)
    Postemployment Expense 831,425

    Increase in DBO due to change in assumption 154,700


    Actuarial Gain on Plan Assets 313,500
    Net Remeasurement Gain on Plan Assets (158,800)
    Note:
    Net Actual Return on Plan Assets 650,625
    Interest Income 337,125
    Remeasurement Gain/Actuarial Gain on Plan Assets 313,500

    Effect of Asset Ceiling - December 31 285,025


    Effect of Asset Ceiling - January 1 470,000
    Total Change in the Effect of Asset Ceiling 184,975
    Interest Expense on Effect of Asset Ceiling on Jan. 1 (470,000 @ 7.25%) 34,075
    Remeasurement Gain on Asset Ceiling 219,050

    Fair Value of Plan Assets, beginning 4,650,000


    Defind Benefit Obligation, beginning 3,590,000
    Prepaid Benefit Cost - surplus 1,060,000
    Asset Ceiling, beginning 590,000
    Effect of Asset Ceiling, Jan. 1 470,000

    Prepaid Benefit Cost


    Beginning Balance, Asset Ceiling (590,000)
    Retirement Expense 831,425
    Contribution to the Plan (580,000)
    Net Remeasurement Loss - OCI (377,850)
    Prepaid Benefit Cost, Ending Balance (716,425)

    Reconciliation
    Fair Value of Plan Assets, beginning asset ceiling 590,000
    Debit Adustment - Prepaid Benefit Cost during the year 126,425
    Prepaid Benefit Cost - December 31 716,425
    Note:
    Remeasurement Gain on Plan Assets 313,500
    Increase in DBO due to change in assumption (154,700)
    Remeasurement Gain on Asset Ceiling 219,050
    Net Remeasurement Gain - OCI 377,850

    Employee Benefit Cost 831,425


    Net Remeasurement Gain - OCI (377,850)
    Defined Benefit Cost 453,575
    Actual Contributions to plan Assets 580,000
    Prepaid Benefit Cost during the year 126,425
    Note:
    DBO
    Defind Benefit Obligation, beginning 3,590,000
    Current Service Cost 684,300
    Past Service Cost 218,400
    Interest Cost on DBO 260,275
    Payment to retired employees (336,900)
    Increase in DBO due to change in assumption 154,700
    Liability extinguished in settlement (516,200)
    Defind Benefit Obligation, ending 4,054,575
    FVPA
    Fair Value of Plan Assets, beginning 4,650,000
    Actual Contributions to plan Assets 580,000
    Payment to retired employees (336,900)
    Interest Income on FVPA 337,125
    Actuarial Gain on Plan Assets 313,500
    Settlemet Price (487,700)
    Fair Value of Plan Assets, ending 5,056,025

    Fair Value of Plan Assets, ending 5,056,025


    Defind Benefit Obligation, ending 4,054,575
    Prepaid Benefit Cost - Surplus 1,001,450
    Asset Ceiling - December 31 716,425
    Effect on asset ceiling, ending 285,025
    Defind Benefit Obligation, beginning 3,590,000
    Fair Value of Plan Assets, beginning 4,650,000
    Asset Ceiling, beginning 590,000
    Effect on asset ceiling, ending 285,025
    Current Service Cost 684,300
    Past Service Cost 218,400
    Liability extinguished in settlement 516,200
    Increase in DBO due to change in assumption 154,700
    Interest Cost on the effect on asset ceiling 34,075
    Gain on Settlement 28,500
    Gross income generated from plan assets 332,800
    Cost of managing the fund paid to trustee 19,300
    Payment to retired employees 336,900
    Actual Contributions to plan Assets 580,000

    Discount Rate
    Fair Value of Plan Assets, beginning 4,650,000
    Defind Benefit Obligation, beginning 3,590,000
    Prepaid Benefit Cost - surplus 1,060,000
    Asset Ceiling, beginning 590,000
    Effect of Asset Ceiling, Jan. 1 470,000
    Discount Rate (7.25% - SQUEEZED) 0.0725
    Interest Cost on the effect on asset ceiling 34,075

    Defind Benefit Obligation, beginning 3,590,000


    Discount Rate (7.25% - SQUEEZED) 0.0725
    Interest Cost on DBO 260,275

    Fair Value of Plan Assets, beginning 4,650,000


    Discount Rate (7.25% - SQUEEZED) 0.0725
    Interest Income on FVPA 337,125

    Settlement Price 487,700


    Liability extinguished in settlement 516,200
    Gain on Settlement 28,500

    Gross income generated from plan assets 332,800


    Interest Income on FVPA 337,125
    Interest Cost on DBO
    Cost of managing the fund paid to trustee (19,300)
    Net Actual Return on Plan Assets 650,625

    Current Service Cost 684,300


    Past Service Cost 218,400
    Interest Cost on DBO 260,275
    Interest Income on FVPA (337,125)
    Interest Cost on the effect on asset ceiling 34,075
    (Gain) on Settlement Plan (28,500)
    Postemployment Expense 831,425

    Increase in DBO due to change in assumption 154,700


    Actuarial Gain on Plan Assets 313,500
    Net Remeasurement Gain on Plan Assets (158,800)
    Note:
    Net Actual Return on Plan Assets 650,625
    Interest Income 337,125
    Remeasurement Gain/Actuarial Gain on Plan Assets 313,500

    Fair Value of Plan Assets, beginning 4,650,000


    Defind Benefit Obligation, beginning 3,590,000
    Prepaid Benefit Cost - surplus 1,060,000
    Asset Ceiling, beginning 590,000
    Effect of Asset Ceiling, Jan. 1 470,000

    Prepaid Benefit Cost


    Fair Value of Plan Assets, beginning asset ceiling 590,000
    Debit Adustment - Prepaid Benefit Cost during the year 126,425
    Prepaid Benefit Cost - December 31 716,425
    Note:
    Remeasurement Gain on Plan Assets 313,500
    Increase in DBO due to change in assumption (154,700)
    Remeasurement Gain on Asset Ceiling 219,050
    Net Remeasurement Gain - OCI 377,850

    Employee Benefit Cost 831,425


    Net Remeasurement Gain - OCI (377,850)
    Defined Benefit Cost 453,575
    Actual Contributions to plan Assets 580,000
    Prepaid Benefit Cost during the year 126,425

    Effect of Asset Ceiling - December 31 285,025


    Effect of Asset Ceiling - January 1 470,000
    Total Change in the Effect of Asset Ceiling 184,975
    Interest Expense on Effect of Asset Ceiling on Jan. 1 (470,000 @ 7.25%) 34,075
    Remeasurement Gain on Asset Ceiling 219,050
    Note:
    DBO
    Defind Benefit Obligation, beginning 3,590,000
    Current Service Cost 684,300
    Past Service Cost 218,400
    Interest Cost on DBO 260,275
    Payment to retired employees (336,900)
    Increase in DBO due to change in assumption 154,700
    Liability extinguished in settlement (516,200)
    Defind Benefit Obligation, ending 4,054,575

    FVPA
    Fair Value of Plan Assets, beginning 4,650,000
    Actual Contributions to plan Assets 580,000
    Payment to retired employees (336,900)
    Interest Income on FVPA 337,125
    Actuarial Gain on Plan Assets 313,500
    Settlemet Price (487,700)
    Fair Value of Plan Assets, ending 5,056,025

    Fair Value of Plan Assets, ending 5,056,025


    Defind Benefit Obligation, ending 4,054,575
    Prepaid Benefit Cost - Surplus 1,001,450
    Asset Ceiling - December 31 716,425
    Effect on asset ceiling, ending 285,025

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