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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 11 Average remaining service period of active employees (years) (5 in thousands) Case 2 $ (410) Case 1 $ 340 (31) (43) (3,150) (3,510) 3,000 10 (28) 36 (2,750) (2,870) 2,900 12 Case 3 281 (290) (1,650) (1,900) 1,750 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 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025.

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 11 Average remaining service period of active employees (years) (5 in thousands) Case 2 $ (410) Case 1 $ 340 (31) (43) (3,150) (3,510) 3,000 10 (28) 36 (2,750) (2,870) 2,900 12 Case 3 281 (290) (1,650) (1,900) 1,750 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 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025.

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, 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 11 Projected benefit obligation, January 1 Fair value of plan assets, January 1 Average remaining service period of active employees (years) Net gain or loss Less: Corridor amount Excess, if any Service period (years) Amortization of gain or loss Case 1 340 340 ($ in thousands) Case 2 $ (410) (28) 36 Case 1 0 $ 340 (31) (43) (3,150) (3,510) 3,000 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 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 (1.e., 10,000 should be entered as 10). $ 10 (5 in thousands) Case 2 $ 410 (2,750) (2,878) 2,900 410 0 12 Case 3 $ $ Required 2 > 281 Case 3 281 6 281 (290) (1,650) (1,900) 1,750 0
Transcribed Image Text: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 11 Projected benefit obligation, January 1 Fair value of plan assets, January 1 Average remaining service period of active employees (years) Net gain or loss Less: Corridor amount Excess, if any Service period (years) Amortization of gain or loss Case 1 340 340 ($ in thousands) Case 2 $ (410) (28) 36 Case 1 0 $ 340 (31) (43) (3,150) (3,510) 3,000 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 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 (1.e., 10,000 should be entered as 10). $ 10 (5 in thousands) Case 2 $ 410 (2,750) (2,878) 2,900 410 0 12 Case 3 $ $ Required 2 > 281 Case 3 281 6 281 (290) (1,650) (1,900) 1,750 0
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