Year 2022 2023 2024 2025 2026 Show calculations below:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Year
2022
2023
2024
2025
2026
Show calculations below:
Transcribed Image Text:The actuary for the pension plan of Rilley Company calculated the following net gains and losses.
2022
2023
2024
2025
2026
Year
3,400
3,600
2022
2023
2024
2025
2026
End of Year
(Gain) or
Loss
Other information about the company's pension obligation and plan assets is as follows.
As of January 1
Projected Benefit
Obligation
$2,500
2,900
3,200
$310
100
(202)
(620)
(950)
Plan Assets
(Fair Value)
$2,800
3,000
3,100
2,900
3,200
Rilley Company has a stable labor force of 50 employees who are expected to receive benefits under the
plan. The total service-years for all participating employees are 250. The beginning balance of Accumulated
Other Comprehensive Income (G/L) is zero on January 1, 2022. The market-related value and the fair value of
plan assets are the same for the 5-year period. Use the average remaining service life per employee as the
basis for amortization.
REQUIRED: Prepare a schedule (on the following page) which reflects the minimum amount of OCI (G/L)
amortized as a component of net periodic pension expense for each of the years 2022, 2023, 2024, 2025,
and 2026. Apply the "corridor" approach in determining the amount to be amortized each year. (Round to the
nearest dollar, if necessary.)
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