2025The actuary for the pension plan of Oriole Company calculated the following net gains and losses:2026Incurred during the Year20272028202520262027As of January 12028Other information about the company's pension obligation and plan assets is as follows:20252026$2027$2028$$Year Minimum Amortization of (Gain) Loss(Gain) or Loss$(634,000)256,000974,000393,000Projected BenefitObligation$4,151,000Oriole Company has a stable labor force of 250 employees who are expected to receive benefits under the plan. The total service-years for all participating employeesare 2,750. The beginning balance of Accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the4-year period. Use the average remaining service life per employee as the basis for amortization.4,361,000Compute the minimum amount of Accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2025, 2026, 2027, and2028. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, e.g. 2,500. Enter negative amounts usingeither a negative sign preceding the number eg.-15,000 or parentheses e.g. (15,000).)ho4,767,0005,170,000Plan Assets(market-related asset value)$3,541,0003,665,0003,987,0004,254,000SUPPOR

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Business

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Year 2025 2026 2027 2028 Minimum Amortization of (Gain) 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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3 10 points eBook Print References U.S. Metallurgical Incorporated reported the following balances in its financial statements and disclosure notes at December 31, 2023. Plan assets Projected benefit obligation $ 450,000 300,000 U.S.M.'s actuary determined that 2024 service cost is $65,000. Both the expected and actual rate of return on plan assets are 8%. The interest (discount) rate is 4%. U.S.M. contributed $125,000 to the pension fund at the end of 2024, and retirees were paid $49,000 from plan assets. Required: 1. What is the pension expense at the end of 2024? 2. What is the projected benefit obligation at the end of 2024? 3. What is the plan assets balance at the end of 2024? 4. What is the net pension asset or net pension liability at the end of 2024? 5. Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments. Complete this question by entering your answers in the tabs below. Req 1 to 4 Req 5 1. What is the pension…
QUESTION 40 On January 1, 2020, Smith Company signed a six-year Note for the acquisition of equipment. Annual interest and principal payments of $21,980, based on an interest rate of 9% are to be made every December 31, beginning with December 2020. Compute the value of the Note at 1/1/20. Following are appropriate factors from tables: Table % / n Present Value of annuity due $1 Present Value of ordinary annuity of $1 Present value of $1 Future Value of ordinary annuity of $1 9%/6 4.88965 4.48592 .59627 7.52333 $101,975.34 $98,600.52 $107,474.51 $131,880
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