Windsor Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,756,700 Accumulated benefit obligation 1,982,100 Fair value of plan assets 2,262,500 Accumulated OCI (PSC) 210,500 Accumulated OCI—Net loss (1/1/20 balance, 0) 46,100 Pension liability 494,200 Other pension plan data for 2020: Service cost $93,700 Prior service cost amortization 42,300 Actual return on plan assets 128,800 Expected return on plan assets 174,900 Interest on January 1, 2020, projected benefit obligation 252,000 Contributions to plan 93,700 Benefits paid 139,500 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 Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense $ Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense $ Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,200. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Other comprehensive income (loss) $ Comprehensive income (loss) $ Compute the amount of accumulated other comprehensive income reported at 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) $

Windsor Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,756,700 Accumulated benefit obligation 1,982,100 Fair value of plan assets 2,262,500 Accumulated OCI (PSC) 210,500 Accumulated OCI—Net loss (1/1/20 balance, 0) 46,100 Pension liability 494,200 Other pension plan data for 2020: Service cost $93,700 Prior service cost amortization 42,300 Actual return on plan assets 128,800 Expected return on plan assets 174,900 Interest on January 1, 2020, projected benefit obligation 252,000 Contributions to plan 93,700 Benefits paid 139,500 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 Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense $ Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense $ Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,200. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Other comprehensive income (loss) $ Comprehensive income (loss) $ Compute the amount of accumulated other comprehensive income reported at 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) $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Windsor Enterprises provides the following information relative to its defined benefit pension plan.

Balances or Values at December 31, 2020
Projected benefit obligation		$2,756,700
Accumulated benefit obligation		1,982,100
Fair value of plan assets		2,262,500
Accumulated OCI (PSC)		210,500
Accumulated OCI—Net loss (1/1/20 balance, 0)		46,100
Pension liability		494,200
Other pension plan data for 2020:
Service cost		$93,700
Prior service cost amortization		42,300
Actual return on plan assets		128,800
Expected return on plan assets		174,900
Interest on January 1, 2020, projected benefit obligation		252,000
Contributions to plan		93,700
Benefits paid		139,500

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
Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense		$
Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense
Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense
Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense
Actual Return on Plan AssetsBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest CostPrior Service Cost AmortizationService CostPension Expense		$

Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,200. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Other comprehensive income (loss)		$
Comprehensive income (loss)		$

Compute the amount of accumulated other comprehensive income reported at 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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