Cullumber Company received the following selected information from its pension plan trustee concerning the operation of the companys defined benefit pension plan for the year ended December 31, 2017.
= Fall 2019, ACCT 3620 Assignments Chapter 20 HW Assignment Chapter 20 HW Assignment Send to Gradebook Question 4 View Policies Current Attempt in Progress Cullumber Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017 Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation Accumulated OCI (G/L)-Net gain January 1, 2017 December 31, 2017 $1475,000 $1.500,000 800.000 1.133,000 1.570,000 1,691,300 (197,500) The service cost component of pension expense for employee services rendered in the current year amounted to $75,000 and the amortization of prior service cost was $121,300. The company's actual funding contributions) of the plan in 2017 amounted to $253,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,213,000 on January 1, 2017. Assume no benefits paid in 2017 Determine the amounts of the components of pension expense that should be recognized by the company in 2017. (Enter amounts that reduce pension expense with either a negative sign preceding the number eg.-45 or parenthesis eg. (45).) Commonents of Pension Funens Components of Pension Expense e Textbook and Media List of Accounts Attempts: 0 of 3 used Save for Later Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above. The parts of this question must be completed in order. This part will be available when you complete the part above. Send to Gradebook = Fall 2019, ACCT 3620 Assignments Chapter 20 HW Assignment Chapter 20 HW Assignment Send to Gradebook Question 4 View Policies Current Attempt in Progress Cullumber Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017 Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation Accumulated OCI (G/L)-Net gain January 1, 2017 December 31, 2017 $1475,000 $1.500,000 800.000 1.133,000 1.570,000 1,691,300 (197,500) The service cost component of pension expense for employee services rendered in the current year amounted to $75,000 and the amortization of prior service cost was $121,300. The company's actual funding contributions) of the plan in 2017 amounted to $253,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,213,000 on January 1, 2017. Assume no benefits paid in 2017 Determine the amounts of the components of pension expense that should be recognized by the company in 2017. (Enter amounts that reduce pension expense with either a negative sign preceding the number eg.-45 or parenthesis eg. (45).) Commonents of Pension Funens Components of Pension Expense e Textbook and Media List of Accounts Attempts: 0 of 3 used Save for Later Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above. The parts of this question must be completed in order. This part will be available when you complete the part above. Send to Gradebook
