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Shalnov [3]
2 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]2 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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2 years ago
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7 0
3 years ago
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In December 2019, Todd, a cash basis taxpayer, paid $1,200 fire insurance for the calendar year 2020 on a building he held for r
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Since Todd is a cash basis taxpayer, he included the $1,500 insurance premium in his 2019 tax return. Cash basis taxpayer report revenues or expenses when the cash is received or paid, not when the service is provided.

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