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I need help with B Flint Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. December 31,
I need help with B
Flint Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. December 31, 2020 January 1, 2020 $1,590 1,860 2,510 1,840 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2020 Contributions (funding in 2020) Benefits paid in 202- $1,860 2,930 3,180 2,500 10 % 670 ? 370 650 180 (a) Compute the actual return on the plan assets in 2020. Actual return on the plan assets $ 190 (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net pension liability gains and losses $ -259Step by Step Solution
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