Norton Co. had the following amounts related to its pension plan in 2020. Actuarial liability loss for 2020 $28,0000,0 Unexpected asset gain for 2020 18,0000,0 Accumulated other comprehensive income (G/L) (beginning balance) 7,000 Cr. Determine for 2020 (a) Norton's other comprehensive income (loss) and (b) comprehensive income. Net income for 2020 is $26,000; no amortization of gain or loss is necessary in 2020.

Norton Co. had the following amounts related to its pension plan in 2020. Actuarial liability loss for 2020 $28,0000,0 Unexpected asset gain for 2020 18,0000,0 Accumulated other comprehensive income (G/L) (beginning balance) 7,000 Cr. Determine for 2020 (a) Norton's other comprehensive income (loss) and (b) comprehensive income. Net income for 2020 is $26,000; no amortization of gain or loss is necessary in 2020.

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 7E

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Actuarial liability loss for 2020	$28,0000,0
Unexpected asset gain for 2020	18,0000,0
Accumulated other comprehensive income (G/L) (beginning balance)	7,000 Cr.