Current Attempt in Progress The actuary for the pension plan of Bridgeport Inc. calculated the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Current Attempt in Progress The actuary for the pension plan of Bridgeport Inc. calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 (Gain) or Loss $298,100 478,900 (210,400) (288,600) Other information about the company's pension obligation and plan assets is as follows. Projected Benefit Plan Assets As of January 1, Obligation (market-related asset value) 2020 $3,980,100 $2,394,500 2021 4,537,600 2,205,600 2022 5,019,800 2,582,700 2023 4,216,300 3,042,800 Bridgeport Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market- related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, e.g. 2,500.) Year Minimum Amortization of (Gain) Loss 2020 $ 2021 $ 2022 2023 eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Current Attempt in Progress The actuary for the pension plan of Bridgeport Inc. calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 (Gain) or Loss $298,100 478,900 (210,400) (288,600) Other information about the company's pension obligation and plan assets is as follows. Projected Benefit Plan Assets As of January 1, Obligation (market-related asset value) 2020 $3,980,100 $2,394,500 2021 4,537,600 2,205,600 2022 5,019,800 2,582,700 2023 4,216,300 3,042,800 Bridgeport Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market- related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, e.g. 2,500.) Year Minimum Amortization of (Gain) Loss 2020 $ 2021 $ 2022 2023 eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
Expert Answer:
Answer rating: 100% (QA)
Computing Minimum Amortization of GainsLosses for Bridgeport Incs Pension Plan 1 Calculate Average R... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1118742976
16th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
Describe a high performing team of which you have been a member. What made this team so successful? Why do you think other teams you were on were less successful? Also need conclusion at the end of...
-
The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2017..........................................$300,000...
-
The actuary for the pension plan of Brush Inc. calculated the following net actuarial gains and losses: Net Gain or Loss Incurred during the Year (Gain) or Loss 2013.................................$...
-
Boeing Company was scheduled to deliver several of its 747-400 jumbo jetliners to Northwest Airlines by December 31, 1988. Northwest set that deadline because it needed the $16 million in investment...
-
Fill the blanks in the following table. CatonAnion Formula Name Magnesium bicarbonate SrCl Fe NO2 Manganese(II) chlorate SnBr Co2+ PO Cu2CO, Lithium nitride Al
-
The undercarriage of a cargo plane requires a metal with a compressive strength above \(200 \mathrm{MPa}\) and a high bending strength per unit weight, requiring a high value of the index...
-
Question: Christopher Stenger bought 12 Impressionist paintings from R.H. Love Galleries for $1.5 million. Love told Stenger that art investment would produce a safe profit. The two men agreed that...
-
The following are sales, cost of sales, and inventory data for Aladdin Products Supply Company, a wholesale distributor of cleaning supplies. Dollar amounts are in millions. Required a. Calculate the...
-
Compute the sensitivity of NPV to a change in unit sales A proposal to build an $87 million factory is being contemplated to produce a new product. The factory is expected to last 20 years (but can...
-
Check my Demarco and Janine Jackson have been maried for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple recelved salary income of...
-
Give the domain in interval notation. 2x+7x h(x) = -8-3x Domain:
-
How might educational systems in other countries, including the United States, benefit from adopting more flexible scheduling? What challenges and opportunities could arise from such an adaptation in...
-
3 257 Find the inverse of A= 2 24 if it exists. -4 4 0
-
Delta Corporation has the following capital structure: Debt (Kd) Preferred stock (Kp) Common equity (Ke) (retained earnings) Weighted average cost of capital (Ka) Cost (aftertax) 6.1% Weighted...
-
Step 1: When researching a topic, it's helpful to first cast a wide net. You may not use them allyou only have to use a minimum of threebut it takes time to find the best sources. Be sure to check on...
-
What are the answers to these and what financial statement can I find these on? Cash Flow from Financing Net Cash Flow
-
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is...
-
on 8 For the following set of lengths 130, 170, 160, 160, 150, 190 Third quartile is: et red d out of Select one: O a. 160 a question O b. 145 O c. 175 O d. 180
-
At December 31, 2017, Higley Corporation has one temporary difference which will reverse and cause taxable amounts in 2018. In 2017, a new tax act set taxes equal to 45% for 2017, 40% for 2018, and...
-
On December 31, 2016, Main Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2017, the company made the following expenditures related to this...
-
Talarczyk Company sold 10,000 Super-Spreaders on December 31, 2017, at a total price of $1,000,000, with a warranty guarantee that the product was free of any defects. The cost of the spreaders sold...
-
On February 17,2002, a public accountant completed the examination of the financial statements for Buckheizer Corporation for the year ended December 31,2001. The audit is satisfactory in all...
-
Explain what action an auditor should take when a client tells the auditor that the company has changed from straight-line to accelerated amortization. Also explain what action an auditor should take...
-
What is meant by "going concern consideration"? Provide an example of such a condition and describe how it might be appropriately disclosed in the financial statements.
Study smarter with the SolutionInn App