Question : 105. Garvin, a consumer foods company reports the following information related : 1245700

 

105. Garvin, a consumer foods company reports the following information related to its only pension plan for 2013 (amounts in millions).

Pension Plan Assets, Beginning of 2013………………………………………………….

$5,086

Plus Actual Return on Investments………………………………………………………..

     513

Plus Employer Contribution………………………………………………………………….

       19

Less Benefits Paid…………………………………………………………………………….

   

Pension Plan Assets, End of 2013…………………………………………………………

$5,385======

Pension Plan Liability, Beginning of 2013……………………………………………….

$5,771

Plus Service Cost……………………………………………………………………………..

     245

Plus Interest Cost…………………………………………………………………………….

     319

Less Actuarial Gain………………………………………………………………………….

    (155)

Less Benefits Paid……………………………………………………………………………

    

Pension Plan Liability, End of 2013………………………………………………………

$5,947=====

Service Cost……………………………………………………………………………………

  $ 245

Interest Cost……………………………………………………………………………………

     319

Expected Return on Pension Plan Investments ……………………………………….

    (391)

Amortization of Actuarial Losses…………………………………………………………

    

Net Pension Expense

   $340   ====

 

 

Give a single journal entry for the Garvin to recognize pension expense, the pension plan contribution, and the change in the net pension asset or net pension liability for 2009. Be sure to consider needed entries in Other Comprehensive Income, supporting the entry in this account with amounts from the disclosures above. Ignore income taxes. 

(Preparing journal entry for pension plan.)  (Amounts in Millions)       

 

106. Darwin, an athletic shoe company, reports the following information about its income taxes for three recent years (amounts in millions): Components of Income Tax Expense                              Currently Payable      $775.6       $622.8        $495.4  Deferred                               Total Income Tax Expense      $749.6        $648.2        $504.4        =====      ======      =====a.   Give the journal entries to record income tax expense for 2013, 2014, and 2015. b.   Describe the likely reasons for the pattern of taxes currently payable and deferred for each year. Assume that the deferred taxes relate primarily to retirement benefits. The effective tax rate was relatively stable for the three years. 

(Preparing journal entries for income tax expense.)  (Amounts in Millions) 

 

 

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