Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Case 1 Net loss (gain)-AOCI, January 1 $ 333 (S in thousands) Case 2 $ (371) Case 3 279 2024 loss (gain) on plan assets (24) (21) 7 2024 loss (gain) on PBO (36) 29 Accumulated benefit obligation, January 1 (3,080) (2,680) (285) (1,580) Projected benefit obligation, January 1 (3,440) (2,800) (1,830) Fair value of plan assets, January 1 2,930 2,830 1,680 Average remaining service period of active employees (years) 10 11 8 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 (i.e., 10,000 should be entered as 10). Net gain or loss Less: Corridor amount Excess, if any ($ in thousands) Case 1 Case 2 Case 3 $ 333 S 371 $ 279 S 333 371 $ 279 Service period (years) Amortization of gain or loss 0 Required 1 Required 2 >
Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Case 1 Net loss (gain)-AOCI, January 1 $ 333 (S in thousands) Case 2 $ (371) Case 3 279 2024 loss (gain) on plan assets (24) (21) 7 2024 loss (gain) on PBO (36) 29 Accumulated benefit obligation, January 1 (3,080) (2,680) (285) (1,580) Projected benefit obligation, January 1 (3,440) (2,800) (1,830) Fair value of plan assets, January 1 2,930 2,830 1,680 Average remaining service period of active employees (years) 10 11 8 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 (i.e., 10,000 should be entered as 10). Net gain or loss Less: Corridor amount Excess, if any ($ in thousands) Case 1 Case 2 Case 3 $ 333 S 371 $ 279 S 333 371 $ 279 Service period (years) Amortization of gain or loss 0 Required 1 Required 2 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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:
Case 1
Net loss (gain)-AOCI, January 1
$ 333
($ in thousands)
Case 2
$ (371)
Case 3
279
2024 loss (gain) on plan assets
(24)
(21)
7
2024 loss (gain) on PBO
(36)
29
Accumulated benefit obligation, January 1
(3,080)
(2,680)
(285)
(1,580)
Projected benefit obligation, January 1
(3,440)
Fair value of plan assets, January 1
2,930
(2,800)
2,830
(1,830)
1,680
Average remaining service period of active employees
(years)
10
11
8
Required:
es
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
Excess, if any
($ in thousands)
Case 1
$
Case 2
Case 3
333
$
371
$
279
S
333
$
371
$
279
Service period (years)
Amortization of gain or loss
<Required 1
0
0
Required 2 >
0
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