Vaughn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,726,600 Accumulated benefit obligation 1,982,100 Fair value of plan assets 2,293,300 Accumulated OCI (PSC) 208,700 Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700 Pension liability 433,300 Other pension plan data for 2020: Service cost $94,700 Prior service cost amortization 42,100 Actual return on plan assets 129,100 Expected return on plan assets 174,800 Interest on January 1, 2020, projected benefit obligation 252,800 Contributions to plan 93,100 Benefits paid 138,800 Collapse question part (a) Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension Expense Service Cost $94700 Interest Cost 252800 Expected Return on Plan Assets (174800) Prior Service Cost Amortization 42100 Pension Expense $214800 Collapse question part (b) Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,000. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Other comprehensive income (loss) $-3,600 Comprehensive income (loss) $31,400 Collapse question part (c) Compute the amount of accumulated other comprehensive income reported on December 31, 2020. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Accumulated other comprehensive income (loss)
Vaughn Enterprises provides the following information relative to its defined benefit pension plan.
Balances or Values at December 31, 2020
Projected benefit obligation $2,726,600
Accumulated benefit obligation 1,982,100
Fair value of plan assets 2,293,300
Accumulated OCI (PSC) 208,700
Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700
Pension liability 433,300
Other pension plan data for 2020:
Service cost $94,700
Prior service cost amortization 42,100
Actual return on plan assets 129,100
Expected return on plan assets 174,800
Interest on January 1, 2020, projected benefit obligation 252,800
Contributions to plan 93,100
Benefits paid 138,800
Collapse question part
(a)
Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).)
Components of Pension Expense
Service Cost
$94700
Interest Cost
252800
Expected Return on Plan Assets
(174800)
Prior Service Cost Amortization
42100
Pension Expense
$214800
Collapse question part
(b)
Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,000. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Other comprehensive income (loss)
$-3,600
Comprehensive income (loss)
$31,400
Collapse question part
(c)
Compute the amount of accumulated other comprehensive income reported on December 31, 2020. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Accumulated other comprehensive income (loss)
$
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