Smith, Inc. has a pension plan with the following data available for 20X1 and 20X2: 20X1 20X2 $ 30,000 $ 34,000 $ 18,000 $ 20,000 $ 15,000 $ 21,600 $200,000 $240,000 Service cost Interest cost Actual return on plan assets Beginning of year plan assets Discount rate 8% 8% Expected return on plan assets 8% 8% The adjustment to OCI for gain or loss from the return on plan assets for 20X1 is:
Smith, Inc. has a pension plan with the following data available for 20X1 and 20X2: 20X1 20X2 $ 30,000 $ 34,000 $ 18,000 $ 20,000 $ 15,000 $ 21,600 $200,000 $240,000 Service cost Interest cost Actual return on plan assets Beginning of year plan assets Discount rate 8% 8% Expected return on plan assets 8% 8% The adjustment to OCI for gain or loss from the return on plan assets for 20X1 is:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Smith, Inc. has a pension plan with the following data available for 20X1 and 20X2:
20X1
20X2
$ 30,000 $ 34,000
$ 18,000 $ 20,000
$ 15,000 $ 21,600
$200,000 $240,000
Service cost
Interest cost
Actual return on plan assets
Beginning of year plan assets
Discount rate
8%
8%
Expected return on plan assets
8%
8%
The adjustment to OCI for gain or loss from the return on plan assets for 20X1 is:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa92125e1-6c9a-413f-8430-8fbeeff84ac1%2Fff45c08b-56e0-49b6-8dfd-fe17f39a7940%2Fxlnypj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Smith, Inc. has a pension plan with the following data available for 20X1 and 20X2:
20X1
20X2
$ 30,000 $ 34,000
$ 18,000 $ 20,000
$ 15,000 $ 21,600
$200,000 $240,000
Service cost
Interest cost
Actual return on plan assets
Beginning of year plan assets
Discount rate
8%
8%
Expected return on plan assets
8%
8%
The adjustment to OCI for gain or loss from the return on plan assets for 20X1 is:
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