1 answer

Riverbed Company received the following selected information from its pension plan trustee concerning the operation of...

Question:

Riverbed Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2017.

January 1, 2017

December 31, 2017

Projected benefit obligation $1,523,000 $1,550,000
Market-related and fair value of plan assets 794,000 1,128,400
Accumulated benefit obligation 1,597,000 1,716,400
Accumulated OCI (G/L)—Net gain 0 (202,300 )

The service cost component of pension expense for employee services rendered in the current year amounted to $77,000 and the amortization of prior service cost was $119,400. The company’s actual funding (contributions) of the plan in 2017 amounted to $255,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,194,000 on January 1, 2017. Assume no benefits paid in 2017.

Indicate the pension-related amounts that would be reported on the income statement and the balance sheet for Riverbed Company for the year 2017.

Riverbed Company
Income Statement (Partial)

December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017

DividendsExpensesNet Income / (Loss)Retained Earnings – January 1, 2017Retained Earnings – December 31, 2017RevenuesTotal ExpensesTotal Revenues

    Amortization of PSC    Interest Expense    Pension Expense    Rent Expense    Service Cost    

$

Riverbed Company
Comprehensive Income Statement

December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017

DividendsExpensesNet Income / (Loss)Retained Earnings – January 1, 2017Retained Earnings – December 31, 2017RevenuesTotal ExpensesTotal Revenues

$XXXX

Amortization of PSCComprehensive IncomeInterest ExpenseLiability GainPension ExpenseRent ExpenseService CostOther Comprehensive Income (Loss)

    Amortization of PSC    Comprehensive Income    Interest Expense    Liability Gain    Pension Expense    Rent Expense    Service Cost    Other Comprehensive Income (Loss)    

$

    Amortization of PSC    Comprehensive Income    Interest Expense    Liability Gain    Pension Expense    Rent Expense    Service Cost    Other Comprehensive Income (Loss)    

Amortization of PSCComprehensive IncomeInterest ExpenseLiability GainPension ExpenseRent ExpenseService CostOther Comprehensive Income (Loss)

$XXXX

Riverbed Company
Balance Sheet (Partial)

December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017

Current AssetsLiabilitiesIntangible AssetsProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Property, Plant and EquipmentTotal Stockholders' Equity

    Accounts Payable    Accounts Receivable    Accumulated Depreciation    Accumulated Other Comprehensive Income (G/L)    Accumulated Other Comprehensive Loss (G/L)    Accumulated Other Comprehensive Income (PSC)    Accumulated Other Comprehensive Loss (PSC)    Common Stock    Pension Liability    Retained Earnings    

$

Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity

    Accounts Payable    Accounts Receivable    Accumulated Depreciation    Accumulated Other Comprehensive Income (G/L)    Accumulated Other Comprehensive Loss (G/L)    Accumulated Other Comprehensive Income (PSC)    Accumulated Other Comprehensive Loss (PSC)    Common Stock    Pension Liability    Retained Earnings    

$

    Accounts Payable    Accounts Receivable    Accumulated Depreciation    Accumulated Other Comprehensive Income (G/L)    Accumulated Other Comprehensive Loss (G/L)    Accumulated Other Comprehensive Income (PSC)    Accumulated Other Comprehensive Loss (PSC)    Common Stock    Pension Liability    Retained Earnings    


Answers

Riverbed Company Components of Pension Expense Service Cost Interest on Projected Benefit Obligation Expected Return on Plan

.

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