At the end of 2020, after recording pension expense, Talent Co. has the following balances: Accumulated OCIPension
Question:
At the end of 2020, after recording pension expense, Talent Co. has the following balances: Accumulated OCIPension Gain/Loss \(\$ 6,000\) (debit) and Projected Benefit Obligation \(\$ 100,000\) (credit). During the year 2021, Talent Co. experienced a \(\$ 500\) actuarial gain on its PBO and an unexpected loss on plan assets of \(\$ 80\). Net income for the year totaled \(\$ 3,800\). Talent Co. did not record amortization expense on the pension gain/loss because the beginning balance in Accumulated OCI-Pension Gain/Loss did not exceed the corridor. The company has no other items affecting OCI besides pension related items.
a. What is Talent's other comprehensive income for 2020 , reported in the financial statements?
b. What is Talent's comprehensive income for 2020, reported in the financial statements?
c. What is the balance of accumulated other comprehensive income as of December 31, 2021, reported in the financial statements?
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Intermediate Accounting Volume 2
ISBN: 9781618533135
2nd Edition
Authors: Hanlon, Hodder, Nelson, Roulstone, Dragoo