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Shalnov [3]
3 years ago
9

Harvey Hotels has provided a defined benefit pension plan for its employees for several years. At the end of the most recent yea

r, the following information was available with regard to the plan: service cost: $6.2 million, expected return on plan assets: $1.2 million, actual return on plan assets: $1 million, interest cost: $1.4 million, payments to retired employees: $2 million, and amortization of prior service cost (created when the pension plan was amended causing a drop in the projected benefit obligation): $1.1 million. What amount should Harvey Hotels report as pension expense in its income statement for the year? Group of answer choices $7.5 million $8.7 million $7.7 million $1.4 million
Business
1 answer:
Viktor [21]3 years ago
7 0

Answer:

$7.5 million

Explanation:

Calculation to determine What amount should Harvey Hotels report as pension expense in its income statement for the year

Service cost $6.2 million

Add Interest cost $1.4 million

Less Expected return on plan assets($1.2 million)

Add Amortization of prior service cost $1.1 million

Pension expense $7.5 million

Therefore the amount that Harvey Hotels should report as pension expense in its income statement for the year is $7.5 million

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It breaks down on two parts to be fully explained.

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Part 1

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The D option (All of the above are correct) which applies perfectly in the firms of competitive markets.  

Part 2

Referred to Table 2.

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The reference to table 2 represents a demand curve faced by a firm in a competitive market.

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The B option ($ 4)  which it would represent the overall average revenue from selling 3 units.

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A company issues 1 million shares of common stock with a par value of $0. 02 for $15. 00 a share. the entry to record this trans
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The entry to record this transaction includes a debit to cash for 14,980,000.

To report transactions, accounting gadget makes use of double-access accounting. Double-access means that transactions are always recorded the use of two sides, debit and credit score. Debit refers to the left-hand aspect and credit score refers back to the proper-hand side of the magazine access or account.

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explanation;

Cash 1 million shares x $15 a share            =  15,000,000

Common Stock 1 million shares x $0.02 par valu  = 20,000

Additional Paid-in Capital (15,000,000 - 20,000)  

                                   = 14,980,000

Disclaimer :-your question is incomplete,please refer below for complete question.

Company issues 1 million shares of common stock with a par value of $0.02 for $15 a share. The entry to record this transaction includes a debit to Cash for:

A. $15,000,000, a credit to Common Stock for $20,000, and a credit to Additional Paid-in Capital for $14,980,000.

B. $15,000,000 and a credit to Common Stock for $15,000,000

C. $20,000 and a credit to Common Stock for $20,000.

D. $20,000, a debit to Capital Receivable for $14,980,000, a credit to Common Stock for $20,000, and a credit to Additional Paid-in Capital for $14,980,000.

Hence,the answer is option A .$15,000,000, a credit to Common Stock for $20,000, and a credit to Additional Paid-in Capital for $14,980,000.

Learn more about transaction here:- brainly.com/question/24835236

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2 years ago
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