1. Amortization of Accumulated OCI (Gain/Loss)

The actuary for the pension plan of Parker Corporation calculated the following net gains and losses. OCI (Gain/Loss) is zero at January 1, 2019.

Incurred During (Gain) or Loss

2019 $580,000

2020 (432,000)

2021 408,000

2022 576,000

Other information about the companys pension obligation and plan assets is as follows.

January 1 Projected Benefit Obligation Plan Assets

2019 $6,400,000 $3,800,000

2020 7,300,000 3,400,000

2021 8,100,000 4,200,000

2022 6,800,000 4,900,000

Parker has a labor force of 1,000 employees who are expected to receive benefits under the plan. The total service-years for all employees is 15,000. Use the average remaining service life per employee as the basis for the amortization.

Instructions:

Prepare a schedule using the corridor approach to reflect the minimum Accumulated OCI (Gain or Loss) amortization for 2019, 2020, 2021, and 2022. show work