FIB

Problem 2. Fettucini Corporation has a detined benefit pension plan. Fettucini received the following intormation tor 2022: The expected long-term return on plan assets is 15%. Other relevant data for the year: (1) As of January 1, the balance in AOCI-Net pension losses is $15,000,000, and the average remaining service life of active employees is 10 years at that date. (2) As of January 1, the balance in AOCI-Prior service cost is $16,000,000 due to a pension plan amendment made two years before, and the average remaining service life of affected employees is 4 years at that date. (3) Fettucini's accountant has provided information on the following calculations for 2022 - a new Pension loss associated with plan assets: $2,000,000; Net pension loss amortization: $500,000; and PSC amortization: $4,000,000. Required: a. Determine the net amount of pension expense (Other pension costs) reported as part of Fettucini's non-operating items in its 2022 income statement. b. Provide the proper label(s) and amount(s) used to report its defined benefit pension plan's funded status on Fettucini's December 31,2022 balance sheet