Wildhorse 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 $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
Wildhorse 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 $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
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 1E
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Question
Wildhorse Enterprises provides the following information relative to its defined benefit pension plan.
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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 | $94,400 | |
| Prior service cost amortization | 42,000 | |
| Actual return on plan assets | 128,900 | |
| Expected return on plan assets | 174,500 | |
| Interest on January 1, 2020, projected benefit obligation | 251,500 | |
| Contributions to plan | 94,200 | |
| Benefits paid | 141,200 |
Correct answer iconYour answer is correct.
Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).)
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Components of Pension Expense
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$
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$
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eTextbook and Media
Correct answer iconYour answer is correct.
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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eTextbook and Media
Incorrect answer iconYour answer is incorrect.
Compute the amount of accumulated other comprehensive income reported at December 31, 2020. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
| Accumulated other comprehensive income (loss) |
$
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