Question
Taveras Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2014 Projected benefit obligation $2,767,550 Accumulated
Taveras Enterprises provides the following information relative to its defined benefit pension plan.
Balances or Values at December 31, 2014 | ||
Projected benefit obligation | $2,767,550 | |
Accumulated benefit obligation | 1,980,100 | |
Fair value of plan assets | 2,287,760 | |
Accumulated OCI (PSC) | 215,090 | |
Accumulated OCINet loss (1/1/14 balance, 0) | 45,880 | |
Pension liability | 479,790 | |
Other pension plan data for 2014: | ||
Service cost | $99,130 | |
Prior service cost amortization | 43,490 | |
Actual return on plan assets | 132,000 | |
Expected return on plan assets | 177,880 | |
Interest on January 1, 2014, projected benefit obligation | 253,450 | |
Contributions to plan | 94,310 | |
Benefits paid | 145,780 |
(a) Prepare the note disclosing the components of pension expense for the year 2014. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
(b) Determine the amounts of other comprehensive loss and comprehensive income for 2014. Net income for 2014 is $36,670. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2014.
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