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Sheridan Company has 270 employees who are expected to receive benefits under the company's defined benefit pension plan. The total number of service-years of these
Sheridan Company has 270 employees who are expected to receive benefits under the company's defined benefit pension plan. The total number of service-years of these employees is 2,700. The actuary for the company's pension plan calculated the following net gains and losses: For the Year Ended December 31 (Gain) Or Loss 2020 $710,000 2021 (624,000) 2022 1,060,000 Prior to 2020, there was no unrecognized net gain or loss. Information about the company's projected benefit obligation and market-related (and fair) value of plan assets follows: As of January 1 2020 2021 2022 $2,170,000 $2,410,000 $3,010,000 Projected benefit obligation Fair value of plan assets 1,750,000 2,530,000 2,620,000 Based on the above information about Sheridan Company, prepare a schedule which reflects the amount of net gain or loss to be amortized by the company as a component of pension expense for the years 2020, 2021, and 2022. The company amortizes net gains or losses using the straight-line method over the average service life of participating employees. Beginning of Year Projected Benefit Obligation Plan Assets Accumulated OCI (Gain/Loss) Corridor 2020 $ $ $ $ 2021 2022
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