e 19-48 ng Amortization on Gain 04 d. Create a worksheet to summarize the pension data at the end of 2021. AICPA adapted On January 1, 2020, K. Crew Inc. reported a $6,000 credit balance in its Accumulated OCIPension Gain/Loss account related to its pension plan. During 2020, the following events occurred. Actual return on plan assets was $8,000, and expected retum on plan assets was $10,000. A gain on the PBO of $4,000 was determined by the actuary at December 31, 2020, based on changes in actuarial assumptions. K. Crew amortizes unrecognized gains and losses using the corridor approach over the average remaining service life of active employees (20 years for 2020 and 2021). Further information on this plan follows. Jan. 1, 2020 $50,000 30,000 Dec. 31, 2020 $56,000 34,000 PBO Fair value of plan assets. Required a. Compute amortization of Accumulated OCI Pension Gain/Loss for 2020 using the corridor approach. b. Compute the balance in Accumulated OCI-Pension Gain/Loss on December 31, 2020 c. Compute amortization of Accumulated OCI Pension Gain/Loss for 2021 using the corridor approach. d. Instead, now assume that K. Crew elects to amortize Accumulated OCH-Pension Gain/Loss using the straight-line method. Compute amortization of Accumulated OCI Pension Gain/Loss for 2020 and 2021. e 19-48 ng Amortization on Gain 04 d. Create a worksheet to summarize the pension data at the end of 2021. AICPA adapted On January 1, 2020, K. Crew Inc. reported a $6,000 credit balance in its Accumulated OCIPension Gain/Loss account related to its pension plan. During 2020, the following events occurred. Actual return on plan assets was $8,000, and expected retum on plan assets was $10,000. A gain on the PBO of $4,000 was determined by the actuary at December 31, 2020, based on changes in actuarial assumptions. K. Crew amortizes unrecognized gains and losses using the corridor approach over the average remaining service life of active employees (20 years for 2020 and 2021). Further information on this plan follows. Jan. 1, 2020 $50,000 30,000 Dec. 31, 2020 $56,000 34,000 PBO Fair value of plan assets. Required a. Compute amortization of Accumulated OCI Pension Gain/Loss for 2020 using the corridor approach. b. Compute the balance in Accumulated OCI-Pension Gain/Loss on December 31, 2020 c. Compute amortization of Accumulated OCI Pension Gain/Loss for 2021 using the corridor approach. d. Instead, now assume that K. Crew elects to amortize Accumulated OCH-Pension Gain/Loss using the straight-line method. Compute amortization of Accumulated OCI Pension Gain/Loss for 2020 and 2021
