Shamrock Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2020. Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation Accumulated OCI (G/L)Net gain January 1, 2020 $1,486,000 791,000 1,585,000 0 December 31, 2020 $1,515,000 1,121,100 1,706,400 (198,600) The service cost component of pension expense for employee services rendered in the current year amounted to $79,000 and the amortization of prior service cost was $121,400. The company's actual funding (contributions) of the plan in 2020 amounted to $251,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,214,000 on January 1, 2020. Assume no benefits paid in 2020. Indicate the pension-related amounts that would be reported on the income statement and the balance sheet for Shamrock Company for the year 2020. Shamrock Company Income Statement (Partial) For the Year Ended December 31, 2020 Total Revenues V $ 0 Total Expenses Pension Expense $ 269900 Shamrock Company Comprehensive Income Statement For the Year Ended December 31, 2020 Total Expenses $XXXX Other Comprehensive Income (Loss) Amortization of PSC $ 121400 i Liability Gain 198600 i 320000 i Other Comprehensive Income (Loss) $XXXX Shamrock Company Balance Sheet (Partial) December 31, 2020 Liabilities Pension Liability $ 393900 Stockholders' Equity Accumulated Other Comprehensive Income (G/L) $ 198600 Accumulated Other Comprehensive Income (PSC) Shamrock Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2020. Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation Accumulated OCI (G/L)Net gain January 1, 2020 $1,486,000 791,000 1,585,000 0 December 31, 2020 $1,515,000 1,121,100 1,706,400 (198,600) The service cost component of pension expense for employee services rendered in the current year amounted to $79,000 and the amortization of prior service cost was $121,400. The company's actual funding (contributions) of the plan in 2020 amounted to $251,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,214,000 on January 1, 2020. Assume no benefits paid in 2020. Indicate the pension-related amounts that would be reported on the income statement and the balance sheet for Shamrock Company for the year 2020. Shamrock Company Income Statement (Partial) For the Year Ended December 31, 2020 Total Revenues V $ 0 Total Expenses Pension Expense $ 269900 Shamrock Company Comprehensive Income Statement For the Year Ended December 31, 2020 Total Expenses $XXXX Other Comprehensive Income (Loss) Amortization of PSC $ 121400 i Liability Gain 198600 i 320000 i Other Comprehensive Income (Loss) $XXXX Shamrock Company Balance Sheet (Partial) December 31, 2020 Liabilities Pension Liability $ 393900 Stockholders' Equity Accumulated Other Comprehensive Income (G/L) $ 198600 Accumulated Other Comprehensive Income (PSC)
