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please please provide all steps! thanks Exercise 20-17 Ivanhoe Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the
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please provide all steps! thanks
Exercise 20-17 Ivanhoe Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January 1, December 31, 2017 2017 2018 Projected benefit obligation Accumulated benetit obligation Plan assets (tair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current scttlement rate) Actual and expected asset return rate Contributions $2,830,000 S3,678,700 ,225,996 1,910,000 2,435,000 2,920,000 1,690,000 2,895,000 3,784,000 196,000 (24,000) 9% 8% 10% 10% 1,036,000 599,500 The average remaining service life per employee is 10.5 years. The service cost component of net periodic pension expense for employee services rendered amounted to $398,000 in 2017 and $473,000 in 2018. The accumulated OCI (PSC on lanuary 1, 2017, was $1,470,000. No benefits have been paid. Compute the amount of accumulated OCI (PSC) to be amortized as a component of net periodic pension expense for each of the years 2017 and 2018. Amount of accumulated OCI (PSC) to be amortized for the year 2017 Amount of accumulated OCI (PSC) to be amortized for the year 2018 Prepare a schedule which retlects the amount of accumulated OCI (G/L) to be amortized as a component of pension expense for 2017 and 2018 Projected Benefit Plan 10% Accumulated Minimum AmortizationStep by Step Solution
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