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Marigold Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. Projected benefit obligation
Marigold Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. Projected benefit obligation Accumulated benefit obligation Plan assets (fair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current settlement rate) Actual and expected asset return rate Contributions (a) January 1, 2020 $2,810,000 $3,659,900 1,890,000 2,447,000 1,700,000 2,903,000 Amount of accumulated OCI (PSC) to be amortized for the year 2020 0 December 31, 2020 Amount of accumulated OCI (PSC) to be amortized for the year 2021 $ 198,000 10 % 1,033,000 2021 $4,200,692 2,925.000 3,766,000 (24,000 ) 8% The average remaining service life per employee is 10.5 years. The service cost component of net periodic pension expense for employee services rendered amounted to $399,000 in 2020 and $470,000 in 2021. The accumulated OCI (PSC) on January 1, 2020, was $1,491,000. No benefits have been paid. 10 % 572,700 Compute the amount of accumulated OCI (PSC) to be amortized as a component of net periodic pension expense for each of the years 2020 and 2021
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