Question
he following data are for the pension plan for the employees of Mimi Company. 1/1/19 12/31/19 12/31/20 Accumulated benefit obligation $5,000,000 $5,200,000 $6,800,000 Projected Benefit
he following data are for the pension plan for the employees of Mimi Company.
| 1/1/19 | 12/31/19 | 12/31/20 | |
| Accumulated benefit obligation | $5,000,000 | $5,200,000 | $6,800,000 |
| Projected Benefit Obligation | 5,400,000 | 5,600,000 | 7,400,000 |
| Plan assets | 4,600,000 | 6,000,000 | 6,600,000 |
| AOCL-Loss | 0 | 720,000 | 1,000,000 |
| Settlement rate | 10% | 9% | |
| Expected rate of return | 8% | 7% |
Mimi's contribution was $840,000 in 2020 and benefits paid were $750,000. Mimi estimates that the average remaining service life is 12 years. What amount of AOCI-Loss is amortized in 2020?
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Advances In Accounting Volume 23
Authors: Philip M J Reckers
1st Edition
0762314257, 9780762314256
