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3. What amount was recognized in OCI in 20X1? Be sure to indicate whether OCI amount represented a loss or a (gain).

3. What amount was recognized in OCI in 20X1? Be sure to indicate whether OCI amount represented a loss or a (gain).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bostonian Company provided the following information related to its defined benefit pension plan for 20X1: PBO on 1/1 Fair value of plan assets on 1/1 Service cost Actual return on plan assets Payments made to retirees on 12/31 Amortization of prior service cost Recognized actuarial losses Contributions made to plan at 12/31 Interest rate for discounting pension obligations Expected return on plan assets 1. 2. 3. Answer is complete but not entirely correct. Amount $ 200,000✔ $ 2,300,000✔ $ 160,000 X Gain Required: 1. What amount of pension expense should Bostonian report for 20X1? 2. What is the fair value of plan assets at December 31, 20X1? 3. What amount was recognized in OCI in 20X1? Be sure to indicate whether OCI amount represented a loss or a (gain). Pension expense Fair value of plan assets OCI $2,500,000 2,000,000 120,000 320,000 100,000 ✓ 40,000 50,000 80,000 6% 8%
Transcribed Image Text:Bostonian Company provided the following information related to its defined benefit pension plan for 20X1: PBO on 1/1 Fair value of plan assets on 1/1 Service cost Actual return on plan assets Payments made to retirees on 12/31 Amortization of prior service cost Recognized actuarial losses Contributions made to plan at 12/31 Interest rate for discounting pension obligations Expected return on plan assets 1. 2. 3. Answer is complete but not entirely correct. Amount $ 200,000✔ $ 2,300,000✔ $ 160,000 X Gain Required: 1. What amount of pension expense should Bostonian report for 20X1? 2. What is the fair value of plan assets at December 31, 20X1? 3. What amount was recognized in OCI in 20X1? Be sure to indicate whether OCI amount represented a loss or a (gain). Pension expense Fair value of plan assets OCI $2,500,000 2,000,000 120,000 320,000 100,000 ✓ 40,000 50,000 80,000 6% 8%
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