PART C

PART D

Novak Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the company's actuary provided the following information. Accumulated other comprehensive loss (PSC) $150,400 Pension plan assets (fair value and market-related asset value) 202,900 Accumulated benefit obligation 264,400 375,500 Projected benefit obligation The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2020, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $53,200; the projected benefit obligation was $492,900; fair value of pension assets was $279,700; the accumulated benefit obligation amounted to $357,900. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $12,000. The company's current year's contribution to the pension plan amounted to $64,800. No benefits were paid during the year. (c) Compute the amount of the 2020 increase/decrease in gains or losses and the amount to be amortized in 2020 and 2021. 2020 Increase/Decrease in Losses Amortization in 2020 Amortization in 2021 A LA Indicate the pension amounts reported in the financial statement as of December 31, 2020. (Enter negative amounts using either a negative sign preceding the number eg.-15,630 or parentheses eg. (15,6301) Novak Company Income Statement (Partial) $ S Novak Company Comprehensive Income Statement $XXXXXX S $XXXXXX Novak Company Balance Sheet (Partial) S S S