Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021. are shown below: Net loss (gain)-AOCI,

image text in transcribed

image text in transcribed

Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021. are shown below: Net loss (gain)-AOCI, Jan. 1 2e21 loss (gain) on plan assets 2e21 loss (gain) on PRO Accumulated benefit obligation, Jan. 1 Projected benefit obligation, Jan. 1 Fair value of plan assets, Jan. 1 Average remaining service period of active employees (years) ($ in thousands) Case 1 Case 2 Case 3 $ 329 $ (354) $ 269 (20) (17) 7 (32) 25 (282) (3,048) (2,640) (1,548) (3,480) (2,760) (1,790) 2,899 2,790 1,640 12 15 18 Required: 1. For each Independent case calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2021 2 For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022 Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2021. (Input all amounts as positive values.) ($ in thousands) Case 1 Case 2 $ 329 S 354 Case 3 S 269 Net gain or loss Less: Corridor amount Excess, if any Service period (years Amortization of gain or loss $ S $ 329 12 27 354 15 24 269 10 27 $ S $ Flequired Required 2 > Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: 329 Net loss (gain)-AOCI, Jan. 1 2021 loss (gain) on plan assets 2021 loss (gain) on PBO Accumulated benefit obligation, Jan. 1 Projected benefit obligation, Jan. 1 Fair value of plan assets, Jan. 1 Average remaining service period of active employees (years) (5 in thousands) Case 1 Case 2 Case 3 $ $ (354) $ 269 (20) (17) 7 (32) 25 (282) (3,248) (2,640) (1,548) (3,480) (2,760) (1,798) 2,898 2,790 1,640 12 15 10 Required: 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2021 2 For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022 Complete this question by entering your answers in the tabs below. Required 1 Required For each independent case determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. (Amounts to be deducted and loss amounts should be indicated by a minus sign.) (s in thousands) Case 1 Case 2 Case 3 January 1, 2021 net loss (gain) S 329 5 (354) $ 289 Loss (gain) on plan assets Amortization Loss (gain) on PBO January 1, 2022 net loss or gain) - AOCI S 329 S (354) $ 289

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Markets And Institutions

Authors: Peter Howells, Keith Bain

5th Edition

0273709194, 9780273709190

More Books

Students also viewed these Accounting questions

Question

Why secondary markets are so important to raise capital?

Answered: 1 week ago