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Reporting the Impact of Pension Fund At the end of 2020, after recording pension expense, Talent Co. has the following balances: Accumulated OC- Pension Gain/Loss
Reporting the Impact of Pension Fund At the end of 2020, after recording pension expense, Talent Co. has the following balances: Accumulated OC- Pension Gain/Loss $6,000 (debit) and Projected Benefit Obligation $100,000 (credit). During the year 2021, Talent Co. experienced a $500 actuarial gain on its PBO and an unexpected loss on plan assets of $80. Net income for the year totaled $3,800. Talent Co. did not record amortization expense on the pension gain/loss because the beginning balance in Accumulated OCIPension Gain/Loss did not exceed the corridor. The company has no other items affecting OC besides pension related items. a. What is Talent's other comprehensive income for 2021, reported in the financial statements? b. What is Talent's comprehensive income for 2021, reported in the financial statements? c. What is the balance of accumulated other comprehensive income as of December 31, 2021, reported in the financial statements? Note: Indicate a loss (or accumulated loss) with a negative sign. 2. Other comprehensive income (loss), 2021 0 b. Comprehensive income (loss), 2021 $ 0 C. Accumulated other comprehensive income (loss), Dec 31, 2021 $ 0
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