The following information pertains to Sparta Company's defined benefit pension plan: Service cost for 2008 was ($90,000).
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The following information pertains to Sparta Company's defined benefit pension plan:
Service cost for 2008 was \($90,000\). No contributions were made or benefits paid during the year. Sparta’s Accrued pension liability was \($8,000\) at January 1, 2008. Sparta uses the straightline method of amortization over the maximum period permitted.
Required:
Determine the amount for each oft he following items:
. Interest cost.
. Expected dollar return on plan assets.
. Actual return on plan assets.
. Recognized actuarial gain (minimum amortization).
. Recognized prior service costs.
. Balance in the AOCI—net actuarial (gain) loss account on December 31, 2008.
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