Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pharoah Enterprises provides the following information relative to its defined benefit pension plan. $2,761,900 1,970,300 2,283,700 207,900 45,600 478,200 Balances or Values at December 31,
Pharoah Enterprises provides the following information relative to its defined benefit pension plan. $2,761,900 1,970,300 2,283,700 207,900 45,600 478,200 Balances or Values at December 31, 2020 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI-Net loss (1/1/20 balance, 0) Pension liability Other pension plan data for 2020: Service cost Prior service cost amortization Actual return on plan assets Expected return on plan assets Interest on January 1, 2020, projected benefit obligation Contributions to plan Benefits paid $94,400 42,000 128,900 174,500 251,500 94,200 141,200 Prepare the note disclosing the components of pension expense for the year 2020. (Enter amount or parenthesis e.g. (45).) Components of Pension Expense $ Components of Pension Expense Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $34,600. (Enter e.g. -45 or parentheses e.g. (45).) $ Other comprehensive income (loss) Comprehensive income (loss) Compute the amount of accumulated other comprehensive income reported at December 31, 2020. (Enter loss using either a negat e.g. (45).) Accumulated other comprehensive income (loss) Click if you would like to Show Work for this question: Open Show Work
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