The following information relates to the pension plan for the employees of Ivanhoe Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9440000 $ 9860000 $ 12800000 Projected benefit obligation 9965000 10658000 14207000 Fair value of plan assets 9125000 11120000 12254000 AOCI – net (gain) or loss -0- (1532000 ) (1700000 ) Settlement rate (for year) 11% 11% Expected rate of return (for year) 8% 7% Ivanhoe estimates that the average remaining service life is 16 years. Ivanhoe's contribution was $1343000 in 2021 and benefits paid were $1007000.
The following information relates to the pension plan for the employees of Ivanhoe Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9440000 $ 9860000 $ 12800000 Projected benefit obligation 9965000 10658000 14207000 Fair value of plan assets 9125000 11120000 12254000 AOCI – net (gain) or loss -0- (1532000 ) (1700000 ) Settlement rate (for year) 11% 11% Expected rate of return (for year) 8% 7% Ivanhoe estimates that the average remaining service life is 16 years. Ivanhoe's contribution was $1343000 in 2021 and benefits paid were $1007000.
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 Ivanhoe Co.:
| 1/1/20 | 12/31/20 | 12/31/21 | ||||||||||
| Accum. benefit obligation | $ | 9440000 | $ | 9860000 | $ | 12800000 | ||||||
| Projected benefit obligation | 9965000 | 10658000 | 14207000 | |||||||||
| Fair value of plan assets | 9125000 | 11120000 | 12254000 | |||||||||
| AOCI – net (gain) or loss | -0- | (1532000 | ) | (1700000 | ) | |||||||
| Settlement rate (for year) | 11% | 11% | ||||||||||
| Expected |
8% | 7% |
Ivanhoe estimates that the average remaining service life is 16 years. Ivanhoe's contribution was $1343000 in 2021 and benefits paid were $1007000.
The actual return on plan assets in 2021 is
$2141000.
$1134000.
$336000.
$798000.
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