Goda Bostonian Company provided the following information related to its defined benefit pension plan for 20X1:PBO on 1/1Fair value of plan assets on 1/1Service costActual return on plan assetsPayments made to retirees on 12/31Amortization of prior service costRecognized actuarial lossesContributions made to plan at 12/31Interest rate for discounting pension obligationsExpected return on plan assets1.2.3.X Answer is complete but not entirely correct.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 expenseFair value of plan assetsOCI$2,500,0002,000,000120,000320,000100,000Amount$ 200,000$ 2,300,000$ 110,000 Gain40,00050,00080,0006%8%

Pension ExpensesThe amount that a business deducts from revenue to pay its responsibilities for…

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 $ 110,000 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 (g Pension expense Fair value of plan assets OCI $2,500,000 2,000,000 Gain 120,000 320,000 100,000 40,000 50,000 80,000 6% 8%

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 $ 110,000 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 (g Pension expense Fair value of plan assets OCI $2,500,000 2,000,000 Gain 120,000 320,000 100,000 40,000 50,000 80,000 6% 8%

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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