Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how do I do these two? The actuary for the pension plan of Cullumber Inc. calculated the following net gains and losses. Incurred during the

how do I do these two?

image text in transcribed

image text in transcribed

The actuary for the pension plan of Cullumber Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2020 $ 298,800 2021 477.100 2022 (212.100) 2023 (290,600) Other information about the company's pension obligation and plan assets is as follows. Projected Benent Obligation Plan Assets (market-related asset value) As of January 1, 2020 54.022.200 52.387.300 2021 4.546.100 2.182.400 2022 4.992.800 2.586.500 2023 4.242.100 3.059.700 Cullumber inc. has a stable labor force of 400 employees who are expected to receive benents under the plan. The total service-vears for all participating employees is 4800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market- related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (GL) amortized as a component of net periodic pension expense for each of the Years 2020.2021.2022 and 2023. Apply the corridor approach in determining the amount to be amortized each year. (Round answers to decimal places, eg. 2,500.) Cullumber Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4.800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market- related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021 2022 and 2023. Apply the corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, eg. 2,500.) Year Minimum Amortization of Gain) Loss 2020 5 0 2021 S O 2022 5 2023

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

Advanced Financial Accounting

Authors: Richard Baker, Valdean Lembke, Thomas King, Cynthia Jeffrey

7th Edition

0073526746, 978-0073526744

More Books

Students also viewed these Accounting questions

Question

How appropriate would it be to conduct additional research?

Answered: 1 week ago

Question

Who are credible sources and opinion leaders for this public?

Answered: 1 week ago

Question

How does or how might your organization affect this public?

Answered: 1 week ago