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How do you get the correct answer The following data are for the pension plan for the employees of Oklahoma Company. 1/1/19 12/31/19 12/31/20 Accumulated
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The following data are for the pension plan for the employees of Oklahoma 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 5,900,000 6,600,000 Plan assets (at fair value) 4,600,000 5,600,000 7,400,000 AOCL net loss -0- 960,000 1,000,000 Settlement rate (for year) 10% 9% Expected rate of return (for year) 8% 7% Lockett's contribution was $840,000 in 2020 and benefits paid were $750,000. Lockett estimates that the average remaining service life is 20 years. What is the amount of AOCI-net loss amortized in 2020? Answer: 41000 X The correct answer is: 18500Step by Step Solution
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