The following data are for the pension plan for the employees of Wildhorse Company.
The following data are for the pension plan for the employees of Wildhorse Company.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 4E
Related questions
Question
100%
The following data are for the pension plan for the employees of Wildhorse Company.
1/1/20 | 12/31/20 | 12/31/21 | ||||||||||
Accumulated benefit obligation | $ | 5900000 | $ | 6100000 | $ | 7700000 | ||||||
Projected benefit obligation | 6300000 | 6500000 | 8300000 | |||||||||
Plan assets (at fair value) | 5500000 | 6900000 | 7500000 | |||||||||
AOCL – net loss | 0 | 1041000 | 1090000 | |||||||||
Settlement rate (for year) | 10% | 10% | ||||||||||
Expected |
7% | 7% |
Wildhorse’s contribution was $930000 in 2021 and benefits paid were $840000. Wildhorse estimates that the average remaining service life is 10 years.
The corridor for 2021 was $690000. The amount of AOCI-net loss amortized in 2021 was
|
$35100. |
|
$104100. |
|
$109000. |
|
$41100. |
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning