RESPA covers
a. the listing agreement.
b. the broker's commission.
c. the Closing Disclosure form.
d. the loan application form.
Answer: c. the Closing Disclosure form.
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Pension data for John Ferguson Company include the following for the current calendar year:
Discount rate: 7% Expected return on plan assets: 11% Actual return on plan assets: 10% Service cost: $250,000 January 1: PBO $1,500,000 ABO 1,200,000 Plan assets 1,700,000 Amortization of prior service cost 25,000 Amortization of net gain 2,000 December 31: Cash contributions to pension fund: $240,000 Benefit payments to retirees 260,000 Required: 1. Determine pension expense for the year. Service Cost $250,000 Interest Cost ($1,500,000 × 7%) 105,000 Expected Return ($1,700,000 × 11%) (187,000) Amortization of prior service cost 25,000 Amortization of net gain (2,000) $191,000 2. Prepare the journal entries to record pension expense and funding and distributions to employees for the year. Pension Expense 191,000 Plan Assets 187,000 Projected Benefit Obligation 378,000 Plan Assets 240,000 Cash 240,000 Projected Benefit Obligation 260,000 Plan Assets 260,000 What will be an ideal response?
A(n) _____ is collected by a seller at each stage of a transaction
a. value added tax b. import tariff c. property tax d. use tax