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(Solved): The funded status of Hilton Paneling Incorporated's defined benefit pension plan and the balances i ...
The funded status of Hilton Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are given below. Retirees were paid $268,000, and the employer contribution to the pension fund was $247,000 at the end of 2024. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 9%. There were no changes in actuarial estimates and assumptions regarding the PBO. Required: 1. Determine the actual return on plan assets of 2024. 2. Determine the loss or gain on plan assets of 2024. 3. Determine the service cost of 2024 . 4. Determine the pension expense of 2024 . 5. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024.
Required: 1. Determine the actual return on plan assets of 2024. 2. Determine the loss or gain on plan assets of 2024 3. Determine the service cost of 2024 . 4. Determine the pension expense of 2024. 5. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).