Homework Help is Here – Start Your Trial Now!
Business
Accounting
Exercise 17-13 (Algo) Determining the amortization of net loss or net gain [LO17-6] Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Net loss (gain)-AOCI, January 1 2024 loss (gain) on plan assets 2024 loss (gain) on PBO Accumulated benefit obligation, January 1 Projected benefit obligation, January 1 Fair value of plan assets, January 1 Average remaining service period of active employees (years) Required: Case 1 $ 328 (19) ($ in thousands) Case 2 $ (350) (16) Case 3 278 8 (31) 24 (3,030) (2,630) (290) (1,530) (3,390) (2,750) (1,780) 2,880 2,780 1,630 11 12 10 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). Net gain or loss Less: Corridor amount ($ in thousands) Case 1 Case 2 Case 3 $ 328 $ 350 $ 278 Excess, if any $ 328 $ 350 $ 278 Service period (years) 11 12 10 Amortization of gain or loss $ 30 $ 29 $ 28

Exercise 17-13 (Algo) Determining the amortization of net loss or net gain [LO17-6] Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Net loss (gain)-AOCI, January 1 2024 loss (gain) on plan assets 2024 loss (gain) on PBO Accumulated benefit obligation, January 1 Projected benefit obligation, January 1 Fair value of plan assets, January 1 Average remaining service period of active employees (years) Required: Case 1 $ 328 (19) ($ in thousands) Case 2 $ (350) (16) Case 3 278 8 (31) 24 (3,030) (2,630) (290) (1,530) (3,390) (2,750) (1,780) 2,880 2,780 1,630 11 12 10 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). Net gain or loss Less: Corridor amount ($ in thousands) Case 1 Case 2 Case 3 $ 328 $ 350 $ 278 Excess, if any $ 328 $ 350 $ 278 Service period (years) 11 12 10 Amortization of gain or loss $ 30 $ 29 $ 28

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 4E
See similar textbooks
icon
Related questions
Question
Exercise 17-13 (Algo) Determining the amortization of net loss or net gain [LO17-6] Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Net loss (gain)-AOCI, January 1 2024 loss (gain) on plan assets 2024 loss (gain) on PBO Accumulated benefit obligation, January 1 Projected benefit obligation, January 1 Fair value of plan assets, January 1 Average remaining service period of active employees (years) Required: Case 1 $ 328 (19) ($ in thousands) Case 2 $ (350) (16) Case 3 278 8 (31) 24 (3,030) (2,630) (290) (1,530) (3,390) (2,750) (1,780) 2,880 2,780 1,630 11 12 10 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). Net gain or loss Less: Corridor amount ($ in thousands) Case 1 Case 2 Case 3 $ 328 $ 350 $ 278 Excess, if any $ 328 $ 350 $ 278 Service period (years) 11 12 10 Amortization of gain or loss $ 30 $ 29 $ 28 <Required 1 Required 2 >
Transcribed Image Text:Exercise 17-13 (Algo) Determining the amortization of net loss or net gain [LO17-6] Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Net loss (gain)-AOCI, January 1 2024 loss (gain) on plan assets 2024 loss (gain) on PBO Accumulated benefit obligation, January 1 Projected benefit obligation, January 1 Fair value of plan assets, January 1 Average remaining service period of active employees (years) Required: Case 1 $ 328 (19) ($ in thousands) Case 2 $ (350) (16) Case 3 278 8 (31) 24 (3,030) (2,630) (290) (1,530) (3,390) (2,750) (1,780) 2,880 2,780 1,630 11 12 10 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). Net gain or loss Less: Corridor amount ($ in thousands) Case 1 Case 2 Case 3 $ 328 $ 350 $ 278 Excess, if any $ 328 $ 350 $ 278 Service period (years) 11 12 10 Amortization of gain or loss $ 30 $ 29 $ 28 <Required 1 Required 2 >
Expert Solution
steps

Step by step

Solved in 2 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS