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Exercise 20-13 Buffalo Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. December 31, 2020 January 1,
Exercise 20-13 Buffalo Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. December 31, 2020 January 1, 2020 $1,580 1,720 2,470 1,690 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2020 Contributions (funding in 2020) Benefits paid in 202- $1,720 2,520 3,250 2,470 10 % ? 430 640 220 780 (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 $ Click if you would like to Show Work for this question: Open Show Work
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