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Blossom Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2020 December 31, 2020 $1,490
Blossom Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2020 December 31, 2020 $1,490 $1,920 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation 1,920 2,880 2,670 3,480 Plan assets (fair value) 1,790 2,630 10 % 880 ? Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2020 Contributions (funding in 2020) Benefits paid in 202- 400 630 190 (a) Compute the actual return on the plan assets in 2020. Actual return on the plan assets $ (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net pension liability gains and losses $ $ (c) Compute the amount of net gain or loss amortization for 2020 (corridor approach). Net gain or loss amortization $ 1,790 2,630 Plan assets (fair value) Settlement rate and expected rate of return 10 % 880 ? 400 Pension asset/liability Service cost for the year 2020 Contributions (funding in 2020) Benefits paid in 202- 630 190 (a) Compute the actual return on the plan assets in 2020. Actual return on the plan assets $ (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Net pension liability gains and losses $ (c) Compute the amount of net gain or loss amortization for 2020 (corridor approach). Net gain or loss amortization $ (d) Compute pension expense for 2020. Pension expense $
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