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The actuary for the pension plan of Pharoah Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2020 $300,000

The actuary for the pension plan of Pharoah Inc. calculated the following net gains and losses.

Incurred during the Year

(Gain) or Loss

2020

$300,000

2021

481,200

2022

(208,600)

2023

(289,000)

Other information about the companys pension obligation and plan assets is as follows.

As of January 1,

Projected Benefit Obligation

Plan Assets (market-related asset value)

2020

$3,970,600 $2,416,000

2021

4,541,900 2,218,900

2022

5,008,800 2,607,300

2023

4,248,400 3,056,500

Pharoah Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the corridor approach in determining the amount to be amortized each year. (Round answers to 0 decimal places, e.g. 2,500.)

Year

Minimum Amortization of (Gain) Loss

2020

$enter a dollar amount rounded to 0 decimal places

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2021

$enter a dollar amount rounded to 0 decimal places

image text in transcribed

2022

$enter a dollar amount rounded to 0 decimal places

image text in transcribed

2023

$enter a dollar amount rounded to 0 decimal places

image text in transcribed

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