Question
The following data are for the pension plan for the employees of Lockett Company.. 1/1/14 12/31/14 12/31/15 Accumulated benefit obligation $2,500,000 $2,600,000 $3,400,000 Projected benefit
The following data are for the pension plan for the employees of Lockett Company.. 1/1/14 12/31/14 12/31/15 Accumulated benefit obligation $2,500,000 $2,600,000 $3,400,000 Projected benefit obligation 2,700,000 2,800,000 3,700,000 Plan assets (at fair value) AOCL net loss. 2,300,000 -0- 3,000,000 3,300,000 480,000 500,000 Settlement rate (for year) 10% 9% Expected rate of return (for 8% 7% year) Lockett's contribution was $420,000 in 2015 and benefits paid were $375,000. Lockett estimates that the average remaining service life is 15 years. Assume that the actual return on plan assets in 2015 was $265,000. The corridor for 2015 was $300,000. The amount of AOCI-net loss amortized in 2015 was $14,000. $32,000. $33,333. $12,000
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