Ivanhoe Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets. Projected Benefit Obligation Plan Assets Value 2024 $2,080,000 $1,976,000 2025 2,496,000 2,600,000 2026 3,068,000 2,704,000 2027 3,744,000 3,120,000 The average remaining service life per employee in 2024 and 2025 is 10 years; and in 2026 and 2027, is 12 years. The net gain or loss that occurred during each year is as follows: 2024, $291,200 loss; 2025, $93,600 loss; 2026, $11,440 loss; and 2027, $26,000 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.) Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule. (Do not leave any answer field blank. Enter O for amounts.) Year Minimum Amortization of Loss 2024 2025 2026 2027

Ivanhoe Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets. Projected Benefit Obligation Plan Assets Value 2024 $2,080,000 $1,976,000 2025 2,496,000 2,600,000 2026 3,068,000 2,704,000 2027 3,744,000 3,120,000 The average remaining service life per employee in 2024 and 2025 is 10 years; and in 2026 and 2027, is 12 years. The net gain or loss that occurred during each year is as follows: 2024, $291,200 loss; 2025, $93,600 loss; 2026, $11,440 loss; and 2027, $26,000 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.) Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule. (Do not leave any answer field blank. Enter O for amounts.) Year Minimum Amortization of Loss 2024 2025 2026 2027

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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