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Question 1The following information is available for the pension plan of Radclif

Question 1The following information is available for the pension plan of Radcliffe Company for the year 2014.Actual and expected return on plan assetsBenefits paid to retireesContributions (funding)Interest/discount ratePrior service cost amortizationProjected benefit obligation, January 1, 2014Service cost   Compute pension expense for the year 2014.Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2014.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)  Question 2        The following facts apply to the pension plan of Boudreau Inc. for the year 2014.        Plan assets, January 1, 2014      $490,000    Projected benefit obligation, January 1, 2014      $490,000    Settlement rate     8 %  Service cost      $40,000    Contributions (funding)      $25,000    Actual and expected return on plan assets      $49,700    Benefits paid to retirees      $33,400            Using the preceding data, compute pension expense for the year 2014. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2014 and the year-end balances in the related pension accounts.         Question 3    Gingrich Importers provides the following pension plan information.    Fair value of pension plan assets, January 1, 2014     $2,400,000Fair value of pension plan assets, December 31, 2014     $2,725,000Contributions to the plan in 2014     $280,000Benefits paid retirees in 2014     $350,000    From the data above, compute the actual return on the plan assets for 2014    Kenseth Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets.                                              Projected  Plan            Benefit  Assets            Obligation  Value          2013  2,000,000  1,900,000          2014  2,400,000  2,500,000          2015  2,950,000  2,600,000          2016  3,600,000  3,000,000                        The average remaining service life per employee in 2013 and 2014 is 10 years and in 2015 and 2016 is 12 years. The net gain or loss that occurred during each year is as follows: 2013, $280,000 loss; 2014, $90,000 loss; 2015, $11,000 loss; and 2016, $25,000 gain.  Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule.  Question 5              The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses.              Incurred during the Year  (Gain) or Loss            2014   $300,000             2015   $480,000             2016   $(210,000)            2017   $(290,000)                          Other information about the company’s pension obligation and plan assets is as follows.              As of January 1,  Projected Benefit  Plan Assets            Obligation  (market-related asset value)          2014   $4,000,000    $2,400,000           2015   $4,520,000    $2,200,000           2016   $5,000,000    $2,600,000           2017   $4,240,000    $3,040,000                         Gustafson Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 5,600. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2014. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization.                              Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2014, 2015, 2016, and 2017. Apply the “corridor” approach in determining the amount to be amortized each year. (Round answers to 0 decimal places, e.g. 2,500.)  Question 6        Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2014, the following balances relate to this plan.        Plan assets      $480,000    Projected benefit obligation      $600,000    Pension asset/liability      $120,000    Accumulated OCI (PSC)      $100,000  Dr.          As a result of the operation of the plan during 2014, the following additional data are provided by the actuary.        Service cost      $90,000    Settlement rate, 9%        Actual return on plan assets      $55,000    Amortization of prior service cost     19,000   Expected return on plan assets     52,000   Unexpected loss from change in projected benefit obligation,     76,000      due to change in actuarial predictions        Contributions     99,000   Benefits paid retirees     85,000           Using the data above, compute pension expense for Webb Corp. for the year 2014 by preparing a pension worksheet        Prepare the journal entry for pension expense for 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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