Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah Inc. has beginning of the year present value for its projected benefit obligation and market related values for its pension plan assets Projected Benefit

image text in transcribed
image text in transcribed
Pharoah Inc. has beginning of the year present value for its projected benefit obligation and market related values for its pension plan assets Projected Benefit Obligation Plan Assets Value 2019 5870,000 $783,000 2020 1.087.500 957.000 2021 1.392,000 1.261.500 2022 . 1.827.000 1.740.000 The average remaining service life per employee in 2019 and 2020 is 8 years and in 2021 and 2022 is lurs. The net gain or loss that occurred during each year is as follow 2019.5143 550 Bain 2020.534,800 gain, 2021 $26.100 loss and 2022. 13.050 loss.in working the solution, the gains and losses must be grecated to arrive at year-end balance Using the corridor approach compute the amount of net noe los amortized and changed to pension expedeinch of the years Setting up an appropriate schedule Using the corridor approach, compute the amount of het gain or loss amortized and charged to pension expense in each of the years setting up an appropriate schedule. Year Minimum Amortization of Loss 2019 2020 $ 2021 $ 2022 s

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Philosophy Of Auditing

Authors: Robert K. Mautz

19th Edition

0865390029, 978-0865390027

More Books

Students also viewed these Accounting questions

Question

Describe the rationale behind short-selling.

Answered: 1 week ago