Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,761,900 Accumulated benefit obligation 1,970,300 Fair value of plan assets 2,283,700 Accumulated OCI (PSC) 207,900 Accumulated OCI—Net loss (1/1/20 balance, 0) 45,600 Pension liability 478,200 Other pension plan data for 2020: Service cost
Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,761,900 Accumulated benefit obligation 1,970,300 Fair value of plan assets 2,283,700 Accumulated OCI (PSC) 207,900 Accumulated OCI—Net loss (1/1/20 balance, 0) 45,600 Pension liability 478,200 Other pension plan data for 2020: Service cost
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 6E
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Question
Buffalo Enterprises provides the following information relative to its defined benefit pension plan.
Balances or Values at December 31, 2020
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Projected benefit obligation | $2,761,900 | |
Accumulated benefit obligation | 1,970,300 | |
Fair value of plan assets | 2,283,700 | |
Accumulated OCI (PSC) | 207,900 | |
Accumulated OCI—Net loss (1/1/20 balance, 0) | 45,600 | |
Pension liability | 478,200 | |
Other pension plan data for 2020: | ||
Service cost | $94,400 | |
Prior service cost amortization | 42,000 | |
Actual return on plan assets | 128,900 | |
Expected return on plan assets | 174,500 | |
Interest on January 1, 2020, projected benefit obligation | 251,500 | |
Contributions to plan | 94,200 | |
Benefits paid | 141,200 |
(a)
Correct answer icon
Your answer is correct.
Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).)
Components of Pension Expense
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$
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$
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(b)
Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $34,600. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Other comprehensive income (loss) |
$
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Comprehensive income (loss) |
$
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