Reporting of Other Comprehensive Income, Disclosure The following information relates to the contributory, defined pension plan of Klarbrun Inc. Account Balances Jan. 1, 2020 Projected Benefit Obligation $60,000 Cr. Plan Asset 63,000 Dr. Accumulated OCI-Prior Service Cost 39,600 Dr. Activity Service cost interest cost Prior service cost amortization Actual return on plan assets (same as expected return) Cash funding by company Cash funding by plan participants Pension benefits paid to retirees Net income 2020 $39,200 4,800 400 3,780 30,000 8,000 4,000 400,000 Required a. Prepare the portion of the pension disclosure showing the components of pension expense. b. Prepare the portion of the pension disclosure showing the reconciliation of the projected benefit obligation, plan assets, and funded balance. c. Prepare the statement of comprehensive income, assuming there are no other OCI items except those related to pensions. d. Determine the ending balance in accumulated other comprehensive income. Pension Disclosures Financial Statement Presentation c. Prepare the statement of comprehensive income, assuming there are no other OCI items except those related to pensions. Note: Do not use negative signs with your answers. Comprehensive Income For the Year Ended December 31, 2020 Revenue Operating expense Other operating expense Other components of net periodic pension cost Net Income Other comprehensive income (loss). Priar service cost amortization Total comprehensive income (loss) $ 00 0 0 0 0 0 d. Determine the ending balance in accumulated other comprehensive loss. Note: Indicate a loss with a negative sign. Accumulated other comprehensive income (loss), January 1, 2020. $ Prior service cost amortization Accumulated other comprehensive income (loss). December 31, 2020 $ 0 0 D Reporting of Other Comprehensive Income, Disclosure The following information relates to the contributory, defined pension plan of Klarbrun Inc. Account Balances Jan. 1, 2020 Projected Benefit Obligation $60,000 Cr. Plan Asset 63,000 Dr. Accumulated OCI-Prior Service Cost 39,600 Dr. Activity Service cost Interest cost Prior service cost amortization Actual return on plan assets (same as expected return) Cash funding by company Cash funding by plan participants Pension benefits paid to retirees Net income Required a. Prepare the portion of the pension disclosure showing the components of pension expense. b. Prepare the portion of the pension disclosure showing the reconciliation of the projected benefit obligation, plan assets, and funded balance. c. Prepare the statement of comprehensive income, assuming there are no other OCI items except those related to pensions. d. Determine the ending balance in accumulated other comprehensive income. Pension Disclosures Financial Statement Presentation Service cost Interest cast Expected return on plan assets Amortization of prior service costs Total pension expense a. Prepare the portion of the pension disclosure showing the components of pension expense. Change in plan assets Plan asssets, January 1, 2020 $ Actual return on plan assets Company contributions Plan participants contributions Benefit payments Plan assets, Dec. 31, 2020 S $ $ The year-end status of this plan was as follows: Change in pension benefit obligation Pension benefit obligation, January 1, 2020 $ Service cost interest cost Benefit payments Pension benefit obligation, Dec. 31, 2020 Funded status at December 31 $ 2020 b. Prepare the portion of the pension disclosure showing the reconciliation of the projected benefit obligation, plan assets, and funded balance. $ 2020 $39,200 4,800 400 0 0 0 0 0 0 0 0 0 0 0 3,780 30,000 8,000 4,000 400,000 0 D 0 0 0 0 Reporting of Other Comprehensive Income, Disclosure The following information relates to the contributory, defined pension plan of Klarbrun Inc. Account Balances Jan. 1, 2020 Projected Benefit Obligation $60,000 Cr. Plan Asset 63,000 Dr. Accumulated OCI-Prior Service Cost 39,600 Dr. Activity Service cost interest cost Prior service cost amortization Actual return on plan assets (same as expected return) Cash funding by company Cash funding by plan participants Pension benefits paid to retirees Net income 2020 $39,200 4,800 400 3,780 30,000 8,000 4,000 400,000 Required a. Prepare the portion of the pension disclosure showing the components of pension expense. b. Prepare the portion of the pension disclosure showing the reconciliation of the projected benefit obligation, plan assets, and funded balance. c. Prepare the statement of comprehensive income, assuming there are no other OCI items except those related to pensions. d. Determine the ending balance in accumulated other comprehensive income. Pension Disclosures Financial Statement Presentation c. Prepare the statement of comprehensive income, assuming there are no other OCI items except those related to pensions. Note: Do not use negative signs with your answers. Comprehensive Income For the Year Ended December 31, 2020 Revenue Operating expense Other operating expense Other components of net periodic pension cost Net Income Other comprehensive income (loss). Priar service cost amortization Total comprehensive income (loss) $ 00 0 0 0 0 0 d. Determine the ending balance in accumulated other comprehensive loss. Note: Indicate a loss with a negative sign. Accumulated other comprehensive income (loss), January 1, 2020. $ Prior service cost amortization Accumulated other comprehensive income (loss). December 31, 2020 $ 0 0 D Reporting of Other Comprehensive Income, Disclosure The following information relates to the contributory, defined pension plan of Klarbrun Inc. Account Balances Jan. 1, 2020 Projected Benefit Obligation $60,000 Cr. Plan Asset 63,000 Dr. Accumulated OCI-Prior Service Cost 39,600 Dr. Activity Service cost Interest cost Prior service cost amortization Actual return on plan assets (same as expected return) Cash funding by company Cash funding by plan participants Pension benefits paid to retirees Net income Required a. Prepare the portion of the pension disclosure showing the components of pension expense. b. Prepare the portion of the pension disclosure showing the reconciliation of the projected benefit obligation, plan assets, and funded balance. c. Prepare the statement of comprehensive income, assuming there are no other OCI items except those related to pensions. d. Determine the ending balance in accumulated other comprehensive income. Pension Disclosures Financial Statement Presentation Service cost Interest cast Expected return on plan assets Amortization of prior service costs Total pension expense a. Prepare the portion of the pension disclosure showing the components of pension expense. Change in plan assets Plan asssets, January 1, 2020 $ Actual return on plan assets Company contributions Plan participants contributions Benefit payments Plan assets, Dec. 31, 2020 S $ $ The year-end status of this plan was as follows: Change in pension benefit obligation Pension benefit obligation, January 1, 2020 $ Service cost interest cost Benefit payments Pension benefit obligation, Dec. 31, 2020 Funded status at December 31 $ 2020 b. Prepare the portion of the pension disclosure showing the reconciliation of the projected benefit obligation, plan assets, and funded balance. $ 2020 $39,200 4,800 400 0 0 0 0 0 0 0 0 0 0 0 3,780 30,000 8,000 4,000 400,000 0 D 0 0 0 0