The actuary for the pension plan of Indigo Inc. calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 Other information about the company's pension obligation and plan assets is as follows. As of January 1, 2020 2021 2022 (Gain) or Loss $302,200 476,600 (210,400) (291,300) 2023 Projected Benefit Obligation $4,029,300 4,515,400 5,019,900 4,255,600 Plan Assets. (market-related asset value) $2,423,700 2,180,800 2,580,100 3,067,900 Indigo 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 4,400. 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 0 decimal places, e.g. 2,500.)

The actuary for the pension plan of Indigo Inc. calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 Other information about the company's pension obligation and plan assets is as follows. As of January 1, 2020 2021 2022 (Gain) or Loss $302,200 476,600 (210,400) (291,300) 2023 Projected Benefit Obligation $4,029,300 4,515,400 5,019,900 4,255,600 Plan Assets. (market-related asset value) $2,423,700 2,180,800 2,580,100 3,067,900 Indigo 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 4,400. 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 0 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

Problem 1Q

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Question text The relationship between the amount funded and the amount reported for pension expense is as follows Select one: а. pension expense will be less than the amount funded. b. pension expense will be more than the amount funded. c. pension expense must equal the amount funded. d. pension expense may be greater than, equal to, or less than the amount funded.
d. The following information pertains to Lasting Inc.'s defined benefit plan. Description Projected benefit obligation Plan assets at fair value Accumulated OCI-Pension Gain/Loss Accumulated OCI-Prior Service Cost Accumulated benefit obligation On Lasting Inc's December 31 balance sheet, what amounts would the company report for assets, liabilities and stockholders' equity? Select one: Assets Liabilities Stockho $0 $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stock SO $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stockh $132,000 $128,000 Equity $70,000 $145,000 Cr. 132,000 DT. 18,000 Dr. 88,000 Cr. 128,000 Cr. $70,000 s Equity $0 TULEV SO $70,000
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I need help computing the amount of accumulated other comprehensive income
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