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Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: ($ in thousands) Case 1 Case 2 $ (341) (14) 22 Case 3 Net loss (gain)-AOCI, Jan. 1 2021 loss (gain) on plan assets 2021 loss (gain) on PBO Accumulated benefit obligation, Jan. 1 Projected benefit obligation, Jan. 1 Fair value of plan assets, Jan. 1 Average remaining service period of active employees (years) 326 (17) (29) (3,010) (3,370) 2,860 266 6 (2,610) (2,730) 2,760 (278) (1,510) (1,760) 1,610 11 13 Required: 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 2021. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022.

Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: ($ in thousands) Case 1 Case 2 $ (341) (14) 22 Case 3 Net loss (gain)-AOCI, Jan. 1 2021 loss (gain) on plan assets 2021 loss (gain) on PBO Accumulated benefit obligation, Jan. 1 Projected benefit obligation, Jan. 1 Fair value of plan assets, Jan. 1 Average remaining service period of active employees (years) 326 (17) (29) (3,010) (3,370) 2,860 266 6 (2,610) (2,730) 2,760 (278) (1,510) (1,760) 1,610 11 13 Required: 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 2021. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022.

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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Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: ($ in thousands) Case 1 Case 2 Case 3 Net loss (gain)-AOCI, Jan. 1 2021 loss (gain) on plan assets 2021 loss (gain) on PBO Accumulated benefit obligation, Jan. 1 Projected benefit obligation, Jan. 1 Fair value of plan assets, Jan. 1 $ 326 2$ (341) 2$ 266 (17) (29) (3,010) (3,370) 2,860 (14) (278) (1,510) (1,760) 1,610 22 (2,610) (2,730) 2,760 Average remaining service period of active employees (years) 11 13 9. Required: 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 2021. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. (Amounts to be deducted and loss amounts should be indicated by a minus sign.) ($ in thousands) Case 1 Case 2 Case 3 January 1, 2021 net loss (gain) 2$ 326 $ (341) 2$ 266 Loss (gain) on plan assets Amortization Loss (gain) on PBO January 1, 2022 net loss or (gain) - AOCI 2$ 326 2$ (341) $ 266
Transcribed Image Text:Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: ($ in thousands) Case 1 Case 2 Case 3 Net loss (gain)-AOCI, Jan. 1 2021 loss (gain) on plan assets 2021 loss (gain) on PBO Accumulated benefit obligation, Jan. 1 Projected benefit obligation, Jan. 1 Fair value of plan assets, Jan. 1 $ 326 2$ (341) 2$ 266 (17) (29) (3,010) (3,370) 2,860 (14) (278) (1,510) (1,760) 1,610 22 (2,610) (2,730) 2,760 Average remaining service period of active employees (years) 11 13 9. Required: 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 2021. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. (Amounts to be deducted and loss amounts should be indicated by a minus sign.) ($ in thousands) Case 1 Case 2 Case 3 January 1, 2021 net loss (gain) 2$ 326 $ (341) 2$ 266 Loss (gain) on plan assets Amortization Loss (gain) on PBO January 1, 2022 net loss or (gain) - AOCI 2$ 326 2$ (341) $ 266
Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: ($ in thousands) Case 1 Case 2 Case 3 Net loss (gain)-AOCI, Jan. 1 2021 loss (gain) on plan assets 2021 loss (gain) on PBO Accumulated benefit obligation, Jan. 1 Projected benefit obligation, Jan. 1 Fair value of plan assets, Jan. 1 $ 326 2$ (341) 2$ 266 (17) (29) (3,010) (3,370) 2,860 (14) (278) (1,510) (1,760) 1,610 22 (2,610) (2,730) 2,760 Average remaining service period of active employees (years) 11 13 9. Required: 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 2021. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. 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 2021. (Input all amounts as positive values.) ($ in thousands) Case 1 Case 2 Case 3 Net gain or loss $ 326 $ 341 $ 266 Less: Corridor amount Excess, if any $ 326 2$ 341 2$ 266 Service period (years) 11 13 Amortization of gain or loss $ 30 $ 26 $ 30
Transcribed Image Text:Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: ($ in thousands) Case 1 Case 2 Case 3 Net loss (gain)-AOCI, Jan. 1 2021 loss (gain) on plan assets 2021 loss (gain) on PBO Accumulated benefit obligation, Jan. 1 Projected benefit obligation, Jan. 1 Fair value of plan assets, Jan. 1 $ 326 2$ (341) 2$ 266 (17) (29) (3,010) (3,370) 2,860 (14) (278) (1,510) (1,760) 1,610 22 (2,610) (2,730) 2,760 Average remaining service period of active employees (years) 11 13 9. Required: 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 2021. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. 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 2021. (Input all amounts as positive values.) ($ in thousands) Case 1 Case 2 Case 3 Net gain or loss $ 326 $ 341 $ 266 Less: Corridor amount Excess, if any $ 326 2$ 341 2$ 266 Service period (years) 11 13 Amortization of gain or loss $ 30 $ 26 $ 30
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