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Company A sponsors a defined benefit pension plan. The company accounts for its pension asset and liability gains or losses (net pension gain or loss)
Company A sponsors a defined benefit pension plan. The company accounts for its pension asset and liability gains or losses (net pension gain or loss) included in accumulated other comprehensive income (OCI) using the corridor method. The following information pertains to Company A's defined-benefit pension plan January 1, Year 2 December 31, Year 2 December 31, Year 3 Projected benefitFair value ofNet loss included in plan assets $260,000 380,000 500,000 obligation (PBO) $300,000 400,000 490,000 accumulated OCI $29,000 52,000 55,000 The average remaining service period of active employees expected to receive benefits under the plan for Years 1-3 is 20 years. Complete Company A's balance sheet using the information above. Enter the appropriate amounts in the designated cells below. Indicate debit balances with positive numbers and credit balances with negative numbers using a leading minus () sign. Round all amounts to the nearest dollar. If no entry is necessarv. enter a zero (0). Item Amount 1. Pension asset or liability as it is reported in Company A's December 31, Year 2, balance sheet 2. Year 2 required amortization of net loss included in accumulated OC 3. Pension asset or liability as it is reported in Company A's December 31, Year 3, balance sheet 4. Year 3 required amortization of net loss included in accumulated OCI Company A sponsors a defined benefit pension plan. The company accounts for its pension asset and liability gains or losses (net pension gain or loss) included in accumulated other comprehensive income (OCI) using the corridor method. The following information pertains to Company A's defined-benefit pension plan January 1, Year 2 December 31, Year 2 December 31, Year 3 Projected benefitFair value ofNet loss included in plan assets $260,000 380,000 500,000 obligation (PBO) $300,000 400,000 490,000 accumulated OCI $29,000 52,000 55,000 The average remaining service period of active employees expected to receive benefits under the plan for Years 1-3 is 20 years. Complete Company A's balance sheet using the information above. Enter the appropriate amounts in the designated cells below. Indicate debit balances with positive numbers and credit balances with negative numbers using a leading minus () sign. Round all amounts to the nearest dollar. If no entry is necessarv. enter a zero (0). Item Amount 1. Pension asset or liability as it is reported in Company A's December 31, Year 2, balance sheet 2. Year 2 required amortization of net loss included in accumulated OC 3. Pension asset or liability as it is reported in Company A's December 31, Year 3, balance sheet 4. Year 3 required amortization of net loss included in accumulated OCI
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