Boey Company reported a net income of $25,000 in 2021. It had the following amounts related to its pension plan in 2021: actuarial liability gains of $10,000, unexpected asset loss of $14,000, accumulated other comprehensive income (G/L) (beginning balance), zero. Determine for 2021 (a) Boey's other comprehensive income, and (b) comprehensive income.
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- Boey Company reported a net income of $25,000 in 2021. It had the following amounts related to its pension plan in 2021: actuarial liability gains of $10,000, unexpected asset loss of $14,000, accumulated other comprehensive income (G/L) (beginning balance), zero. Determine for 2021 (a) Boey's other comprehensive income, and (b) comprehensive income.provide answerPlease given correct answer financial accounting
- need correct answerThe actuary for the pension plan of Buffalo Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2020 $302,700 2021 476,700 2022 (209,000) 2023 (288,200) Other information about the company’s pension obligation and plan assets is as follows. As of January 1, Projected BenefitObligation Plan Assets(market-related asset value) 2020 $3,993,500 $2,394,800 2021 4,542,200 2,203,200 2022 4,952,900 2,575,400 2023 4,228,400 3,066,100 Buffalo Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization.Compute the…The Pension Expense in a pension plan for the year were recorded at $856,800. In addition, an amount of $161,400 had been debited to the Other Comprehensive Income account to record all actuarial losses for the year. In addition, the company had contributed a cash amount of $350,000 to the Plan Assets. What would have been the amount recorded as Pension expenses for 2019 if the company were reporting under ASPE? Select one: a. $856,800. b. $757,200. c. $161,400. d. $350,000. e. None of the above.
- The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses. IncurredDuring the Year (Gain) or Loss 2020 $300,000 2021 480,000 2022 (210,000) 2023 (290,000) Other information about the company's pension obligation and plan assets is as follows. As of January 1, Projected BenefitObligation Plan Assets(market-related asset value) 2020 $4,000,000 $2,400,000 2021 4,520,000 2,200,000 2022 5,000,000 2,600,000 2023 4,240,000 3,040,000 Gustafson Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 5,600. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Instructions (Round to the nearest dollar.) Prepare a…The actuary for the pension plan of Blossom Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2025 $302,850 2026 480,400 2027 (211,000) 2028 (289,700) Other information about the company's pension obligation and plan assets is as follows. Projected Benefit Plan Assets As of January 1, Obligation (market-related asset value) 2025 $4,004,500 $2,376,000 2026 4,531,500 2,190,900 2027 5,018,100 2,581,800 2028 4,241,640 3,061,000 Blossom Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 6,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a component…Sheffield Co. had the following amounts related to its pension plan in 2020. $26,800 17,300 6,300 Cr. Actuarial liability loss for 2020 Unexpected asset gain for 2020 Accumulated other comprehensive income (G/L) (beginning balance) Determine for 2020 (a) Sheffield's other comprehensive income (loss) and (b) comprehensive income. Net income for 2020 is $23,900; no amortization of gain or loss is necessary in 2020. (Enter loss using either a negative sign preceding the numbere.g. -45 or parentheses e.g. (45).) (a) Other comprehensive income (loss) (b) Comprehensive income (loss)
- Under the defined-benefit pension plan for a company, the expected return on plan assets is $124,000 and actual return on plan assets is $269,000 in 2021. To record the unexpected gain/loss due to asset returns, the company will (enter 1, 2, 3, or 4 that represents the correct answer): Debit Other Comprehensive Income-Gain/Loss Credit Pension Expense Debit Pension Expense Debit Plan AssetsThe actuary for the pension plan of Sheridan Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2025 2026 $302,750 476,000 2027 (212,000) 2028 (289,000) Other information about the company's pension obligation and plan assets is as follows. Projected Benefit Plan Assets As of January 1, Obligation (market-related asset value) 2025 $3,981,400 $2,397,500 2026 4,538,600 2,194,400 2027 4,962,600 2,605,000 2028 4,248,350 3,065,800 Sheridan Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 5,200. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a…The actuary for the pension plan of Oriole Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2020 $302,200 476,600 (210,400) (291,300) Other information about the company's pension obligation and plan assets is as follows. As of January 1, 2020 2021 2022 2023 2021 2022 2023 2021 2022 Projected Benefit Obligation 2023 $4,029,300 4,515,400 5,019,900 4,255,600 Oriole Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Plan Assets (market-related asset value) Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years…
