The following information relates to the pension plan for the employees of Oriole Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9540000 $ 9960000 $ 12900000 Projected benefit obligation 10065000 10758000 14307000 Fair value of plan assets 9225000 11220000 12354000 AOCI – net (gain) or loss -0- (1542000 ) (1710000 ) Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 6% Oriole estimates that the average remaining service life is 16 years. Oriole's contribution was $1353000 in 2021 and benefits paid were $1017000. The corridor for 2021 is $673200. $1430700. $1122000. $858420.
The following information relates to the pension plan for the employees of Oriole Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9540000 $ 9960000 $ 12900000 Projected benefit obligation 10065000 10758000 14307000 Fair value of plan assets 9225000 11220000 12354000 AOCI – net (gain) or loss -0- (1542000 ) (1710000 ) Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 6% Oriole estimates that the average remaining service life is 16 years. Oriole's contribution was $1353000 in 2021 and benefits paid were $1017000. The corridor for 2021 is $673200. $1430700. $1122000. $858420.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information relates to the pension plan for the employees of Oriole Co.:
| 1/1/20 | 12/31/20 | 12/31/21 | ||||||||||
| Accum. benefit obligation | $ | 9540000 | $ | 9960000 | $ | 12900000 | ||||||
| Projected benefit obligation | 10065000 | 10758000 | 14307000 | |||||||||
| Fair value of plan assets | 9225000 | 11220000 | 12354000 | |||||||||
| AOCI – net (gain) or loss | -0- | (1542000 | ) | (1710000 | ) | |||||||
| Settlement rate (for year) | 10% | 10% | ||||||||||
| Expected |
7% | 6% |
Oriole estimates that the average remaining service life is 16 years. Oriole's contribution was $1353000 in 2021 and benefits paid were $1017000.
The corridor for 2021 is
|
|
$673200. |
|
|
$1430700. |
|
|
$1122000. |
|
|
$858420. |
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