Question : 108. Demeter, a consumer foods company reports the following information related : 1230328

108. Demeter, a consumer foods company reports the following information related to its only pension plan for 2009 (amounts in millions).

Pension Plan Assets, Beginning of 2009………………………………………………….

$5,086

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

     513

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

       19

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

    (233)

Pension Plan Assets, End of 2009…………………………………………………………

$5,385======

Pension Plan Liability, Beginning of 2009……………………………………………….

$5,771

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

     245

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

     319

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

    (155)

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

    (233)

Pension Plan Liability, End of 2009………………………………………………………

$5,947=====

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

  $ 245

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

     319

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

    (391)

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

     167

Net Pension Expense

   $340   ====

Give a single journal entry for the Demeter 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. 

109. Amun Company reports the following information for a year: Book Income Before Income Taxes……………………………………$318,000  Income Tax Expense………………………………………………………  156,000  Income Taxes Payable for the Year………………………………….   48,000  Income Tax Rate on Taxable Income ………………………………     40%  Amun has both permanent and temporary differences between book income and taxable income. a.      What is the amount of temporary differences for the year? Give the amount, and indicate whether the effect is to make book income larger or smaller than taxable income. b.      What is the amount of permanent differences for the year? Give the amount, and indicate whether the effect is to make book income larger or smaller than taxable income.