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Please help 1166 Chapter 20 Accounting for Pensions and Postretirement Benefits E20-13 (L01,2,4) (Computation of Actual Return, Gains and Losses, Corridor Test, and Pension Expense)
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1166 Chapter 20 Accounting for Pensions and Postretirement Benefits E20-13 (L01,2,4) (Computation of Actual Return, Gains and Losses, Corridor Test, and Pension Expense) Erickson Com. pany sponsors a defined benefit pension plan. The corporation s actuary provides the following information about the plan. January 1, December 31, 2017 2017 $1,900 $1,500 Vested benefit obligation 2,730 1,900 Accumulated benefit obligation 3,300 2,500 Projected benefit obligation 2,620 1,700 Plan assets (fair value) Settlement rate and expected rate of return 800 Pension asset/liability Service cost for the year 2017 Contributions (funding in 2017 Benefits paid in 2017 Instructions (a) the actual return on the plan assets in 2017 Compute the income (G/LI as of December 31, 2017. (Assume the January 1, 201 balance was zero Compute the amount of net gain or loss amortization for 2017 (corridor approach. (d) Compute pension expense for 2017 Step by Step Solution
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