Tucker, Inc. on January 1, 2018 initiated a noncontributory, defined-benefit pension plan that grants benefits to its 105 employees for services rendered in years prior to the adoption of the pension plan. The total expected service-years of the 105 employees who are expected to receive benefits under the plan is 1,260. An actuarial consulting firm has indicated that the present value of the projected benefit obligation on January 1, 2018 was $5,580,000. On December 31, 2018 the following information was provided concerning the pension plan's operations for its first year. Employer's contribution at end of year $1,650,000 Service cost 650,000 Projected benefit obligation 6,586,600 Plan assets (at fair value) 1,650,000 Expected return on plan assets 9% Settlement rate 8% Compute the pension expense recognized in 2018. Assume the prior service cost is amortized over the average remaining service life of the employees. Pension expense $ Prepare the journal entries to reflect accounting for the company's pension plan for the year ended December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Indicate the amounts that are reported on the income statement and the balance sheet for 2018. Tucker, Inc. Income Statement (Partial) $ Tucker, Inc. Balance Sheet (Partial) $

For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree).wagner corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar.spooner oil company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost. no mention of the change was included in the financial statements. the change had a material effect on spooner's financial statements.cypress manufacturing company purchased machinery having a five-year life. the cost of the machinery is being expensed over the life of the machinery.rudeen corporation purchased equipment for $180,000 at a liquidation sale of a competitor. because the equipment was worth $230,000, rudeen valued the equipment in its subsequent balance sheet at $230,000.davis bicycle company received a large order for the sale of 1,000 bicycles at $100 each. the customer paid davis the entire amount of $100,000 on march 15. however, davis did not record any revenue until april 17, the date the bicycles were delivered to the customer.gigantic corporation purchased two small calculators at a cost of $32.00. the cost of the calculators was expensed even though they had a three-year estimated useful life.esquire company provides financial statements to external users every three years.

Activity-based costing (abc) is not truly a cost collection mechanism as much as it is an inventory valuation method. the main purpose for implementing an activity-based cost system is to try to overcome some of the cost distortions that occur in traditional costing from product differences when there are variations in size and complexity. however, one of the disadvantages of utilizing abc is that the additional information gathering necessary to implement costing with that level of detail might be beyond the reach of some companies with resource or financial constraints. with this in mind, what kinds of industries or companies do you think would benefit most from using activity-based costing and why? in designing or modifying an accounting system to capture appropriate costs for abc, what considerations do you think would need to be made?

Which of the following is considered part of a country’s infrastructure?