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Amortization is on the right of the chart, but would not fit. Cullumber Company has 120 employees who are expected to receive benefits under the
Amortization is on the right of the chart, but would not fit.
Cullumber Company has 120 employees who are expected to receive benefits under the company's defined-benefit pension plan. The total number of service-years of these employees is 1,200. The actuary for the company's pension plan calculated the following net gains and losses: For the Year Ended December 31 2020 2021 2022 (Gain) Or Loss $560,000 (474,000) 910,000 Prior to 2020, there was no unrecognized net gain or loss. Information about the company's projected benefit obligation and market-related (and fair) value of plan assets follows: As of January 1 2021 $2,260,000 2,380,000 2020 $2,020,000 1,600,000 Projected benefit obligation Fair value of plan assets 2022 $2,860,000 2,470,000 Based on the above information about Cullumber Company, prepare a schedule which reflects the amount of net gain or loss to be amortized by the company as a component of pension expense for the years 2020, 2021, and 2022. The company amortizes net gains or losses using the straight-line method over the average service life of participating employees. Beginning of Year Projected Benefit Obligation Plan Assets Accumulated OCI (Gain/Loss) Corridor 2020 $ $ $ $ $ $ 2021 2022 Cullumber Company has 120 employees who are expected to receive benefits under the company's defined-benefit pension plan. The total number of service-years of these employees is 1,200. The actuary for the company's pension plan calculated the following net gains and losses: For the Year Ended December 31 2020 2021 2022 (Gain) Or Loss $560,000 (474,000) 910,000 Prior to 2020, there was no unrecognized net gain or loss. Information about the company's projected benefit obligation and market-related (and fair) value of plan assets follows: As of January 1 2021 $2,260,000 2,380,000 2020 $2,020,000 1,600,000 Projected benefit obligation Fair value of plan assets 2022 $2,860,000 2,470,000 Based on the above information about Cullumber Company, prepare a schedule which reflects the amount of net gain or loss to be amortized by the company as a component of pension expense for the years 2020, 2021, and 2022. The company amortizes net gains or losses using the straight-line method over the average service life of participating employees. Beginning of Year Projected Benefit Obligation Plan Assets Accumulated OCI (Gain/Loss) Corridor 2020 $ $ $ $ $ $ 2021 2022Step by Step Solution
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