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Exercise 20B-12 (Part Level Submission) Indigo Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit
Exercise 20B-12 (Part Level Submission) Indigo 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. 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 $1,522,000 797,000 1,570,000 0 $1,549,000 1,123,700 1,687,800 (202,200 ) The service cost component of pension expense for employee services rendered in the current year amounted to $77,000 and the amortization of prior service cost was $117,800. The company's actual funding (contributions) of the plan in 2017 amounted to $247,000. 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 $1,178,000 on January 1, 2017. Assume no beefis paid in 2017
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