Concept explainers
a.
The value of total pension cost for the year.
Given information:
Fair value of plan assets at the beginning is $1,006,902.
Value of PBO at the beginning is $1,043,692.
Service cost is $58,084.
Interest on PBOat the beginning is $135,680.
Expected rate on plan assets is 9%.
Actual return on plan assets is $84,500.
Contribution for the year is $92,612.
Benefit paid for the year is $48,672.
Amortization of prior service cost rate is 20%.
Actuarial loss is $18,252.
b.
To prepare: The T account for the accumulated other comprehensive income account.
Given information:
Fair value of plan assets at the beginning is $1,006,902.
Value of PBO at the beginning is $1,043,692.
Service cost is $58,084.
Interest on PBOat the beginning is $135,680.
Expected rate on plan assets is 9%.
Actual return on plan assets is $84,500.
Contribution for the year is $92,612.
Benefit paid for the year is $48,672.
Amortization of prior service cost rate is 20%.
Actuarial loss is $18,252.
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Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
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- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning