Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help please Question 12 (3 points) Howard Corp. sponsors a defined-benefit pension plan for its employees, On January 1, 2011, the following balances are
need help please Question 12 (3 points) Howard Corp. sponsors a defined-benefit pension plan for its employees, On January 1, 2011, the following balances are related to its defined benet pension plan: Plan assets (markereted value) 540,000 Projected benefit obligation 620,000 Pension assetliability 30,000 Prior service cont 50.000 UEGL -Loss 89.000 On December 31, 2011, the actuey provides the following additional data Service cost for 2011 Actual return on planets in 2011 Amortization of prior service cost Contribution in 2011 Benefits peld retirees in 2011 Settlement rate Expected retum rute Average remaining service life of active employees years) 74.000 46,000 6.000 90.000 56,000 On its 2011 Statement of Comprehensive Income, amortization of prior service cost should be $9,000 $6,000 $8,000 $7.000 Question 13 (3 points) Howard Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2011, the following balances we related to its defined benefit pension plan: Plan assets (market-related value) 540,000 Projected benefit obligation 620,000 Pension asset/iability 80,000 Prior service cost 5.000 UEGL -Loss 89,000 On December 31, 2011, the actuary provides the following additional data: Service cost for 2011 Actual return on plan assets in 2011 Amortization of prior service cost Contributions in 2011 Benefits paid retirees in 2011 Settlement rate Expected return rate Average remaining service life of active employees (years) 74,000 46,000 6,000 80,000 56,000 99% 9% On its 2011 Statement of Comprehensive Income, amortization of unexpected gain or loss should be $4,500 $4,000 $5,000 $5,500
need help please
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started