The corridor for 2021 was $600,000. The amount of AOCI-net loss amortized in 2021 was
The corridor for 2021 was $600,000. The amount of AOCI-net loss amortized in 2021 was
Chapter1: Financial Statements And Business Decisions
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![76. The following data are for the pension plan for the employees of Lockett Company.
1/1/20
$5,000,000
5,400,000
4,600,000
-0-
Accumulated benefit obligation
Projected benefit obligation
Plan assets (at fair value)
AOCL - net loss
Settlement rate (for year)
Expected rate of return (for year)
12/31/20
$5,200,000
5,600,000
6,000,000
960,000
b. $64,000.
c. $28,000.
d. $24,000.
10%
8%
12/31/21
$6,800,000
7,400,000
6,600,000
1,000,000
9%
7%
Lockett's contribution was $840,000 in 2021 and benefits paid were $750,000. Lockett
estimates that the average remaining service life is 15 years.
The corridor for 2021 was $600,000. The amount of AOCI-net loss amortized in 2021 was
a. $66,666.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1d1cc0e7-5865-4f79-a118-5455ef27e003%2Fba154162-985a-47a4-9e69-0838ac84d177%2Fh31urk_processed.png&w=3840&q=75)
Transcribed Image Text:76. The following data are for the pension plan for the employees of Lockett Company.
1/1/20
$5,000,000
5,400,000
4,600,000
-0-
Accumulated benefit obligation
Projected benefit obligation
Plan assets (at fair value)
AOCL - net loss
Settlement rate (for year)
Expected rate of return (for year)
12/31/20
$5,200,000
5,600,000
6,000,000
960,000
b. $64,000.
c. $28,000.
d. $24,000.
10%
8%
12/31/21
$6,800,000
7,400,000
6,600,000
1,000,000
9%
7%
Lockett's contribution was $840,000 in 2021 and benefits paid were $750,000. Lockett
estimates that the average remaining service life is 15 years.
The corridor for 2021 was $600,000. The amount of AOCI-net loss amortized in 2021 was
a. $66,666.
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