Question 9 of 20 View Policies Current Attempt in Progress < The following information is related to the pension plan of Sunland, Inc. for 2022: Service cost Actual return on plan assets Amortization of net gain Amortization of prior service cost due to increase in benefits Expected return on plan assets Interest on projected benefit obligation > Pension expense for 2022 is O $1923200. O $1891900. O $1168600. O $1614000. $336900 134700 241400 368200 580100 1295400

Question 9 of 20 View Policies Current Attempt in Progress < The following information is related to the pension plan of Sunland, Inc. for 2022: Service cost Actual return on plan assets Amortization of net gain Amortization of prior service cost due to increase in benefits Expected return on plan assets Interest on projected benefit obligation > Pension expense for 2022 is O $1923200. O $1891900. O $1168600. O $1614000. $336900 134700 241400 368200 580100 1295400

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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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Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2024 $ 116 Projected benefit obligation, January 1, 2024 550 Plan assets (fair value), January 1, 2024 600 Prior service cost—AOCI (2024 amortization, $7) 86 Net loss—AOCI (2024 amortization, $2) 107 Interest rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Required: Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 6%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10).
Current Attempt in Progress The actuary for the pension plan of Bridgeport Inc. calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 As of January 1, Other information about the company's pension obligation and plan assets is as follows. 2020 2021 2022 2023 2020 2021 2022 2023 Projected Benefit Obligation Save for Later (Gain) or Loss $298,100 478,900 $ (210,400) (288,600) Year Minimum Amortization of (Gain) Loss $ Bridgeport 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 4,800. 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…
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