Incurred during the Year 2020 2021 2022 2023 As of January 1, 2020 Other information about the company's pension obligation and plan assets is as follows. 2021 2022 (Gain) or Loss 2023 $298,200 478,800 (211,400) (291,400) Projected Benefit Obligation $3,984,000 4,499,500 5,040,000 4,221,900 Plan Assets (market-related asset value) $2,394,800 2,202,100 2,591,900 3,067,600 Cheyenne Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 6,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market- related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, e.g. 2,500.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Incurred during the Year
2020
2021
2022
2023
As of January 1,
2020
2021
Other information about the company's pension obligation and plan assets is as follows.
2022
(Gain) or Loss
$298,200
2023
478,800
(211,400)
(291,400)
Projected Benefit
Obligation
$3,984,000
4,499,500
5,040,000
4,221,900
Plan Assets
(market-related asset value)
$2,394,800
2,202,100
2,591,900
3,067,600
Cheyenne Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years
for all participating employees is 6,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-
related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee
as the basis for amortization.
Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the
years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round
answers to O decimal places, e.g. 2,500.)
0
Transcribed Image Text:Incurred during the Year 2020 2021 2022 2023 As of January 1, 2020 2021 Other information about the company's pension obligation and plan assets is as follows. 2022 (Gain) or Loss $298,200 2023 478,800 (211,400) (291,400) Projected Benefit Obligation $3,984,000 4,499,500 5,040,000 4,221,900 Plan Assets (market-related asset value) $2,394,800 2,202,100 2,591,900 3,067,600 Cheyenne Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 6,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market- related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, e.g. 2,500.) 0
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