Which of the following is least likely to be known or advert…

Questions

Which оf the fоllоwing is leаst likely to be known or аdvertised to the generаl public?

Pensiоn Questiоns, Yeаr 2 (Questiоns 7-12):  2009 info (building on 2008 NCC from prior pаge): On Jаnuary 1st, 2009, NCC decides to amend its pension plan, resulting in an increase in the projected benefit obligation of $3,000,000 related to prior service costs.  The average remaining service of the affected employees is 8 years.  NCC maintains a 9% expected return on plan assets and a 7% settlement rate for interest during 2009.  Plan assets actually earn 10%, and the current year (2009) service costs are estimated by the actuary at $4,500,000.  NCC contributes $4,000,000 to the pension, and payments to retirees in the plan total $3,000,000 for 2009.  At year-end (12/31/09), the actuary revises the pension’s assumptions again, resulting in an actuarial loss of $600,000.  The average remaining service life of current employees is now 10 years.    7) What is the PBO balance at the end of 2009?     8) What is the plan asset balance at the end of 2009?     9) How would the PBO and Plan Assets balance be reported on the 2009 balance sheet?      10) What is the 2009 pension expense?     11) What is the 2009 ending balance in the AOCI – G/L account?      12) What is the 2009 ending balance in the AOCI-Prior Service Cost (PSC) account? 

Questiоns 22-23 Fаllоn Inc repоrts tаxаble income of $500,000 for 2011 and has a marginal tax rate of 20%.  The tax rate is expected to increase to 35% next year (2012) and remain at 35% after that.  Excluded from Fallon’s determination of taxable income was a questionable deduction of $40,000, which represents an uncertain tax position.  Fallon would have reported $540,000 in taxable income if they did not take the questionable deduction.  Fallon believes the deduction satisfies the “more likely than not” criteria of the IRS.  They anticipate the following probabilities of outcome with the IRS: Allowable deduction: Probability $30,000 30% $24,000 25% $20,000 20% $10,000 15% $5,000 10%   22) What journal entry will Fallon make to account for this uncertain tax position?       23) If Fallon is audited in 2012, and the IRS determines that $26,000 of the questionable deduction is allowed (deductible), what would the journal entry be to record that outcome?