Question
The following data are for the pension plan for the employees of Cullumber Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 6200000 $ 6400000 $
The following data are for the pension plan for the employees of Cullumber Company.
| 1/1/20 | 12/31/20 | 12/31/21 | ||||||||||
| Accumulated benefit obligation | $ | 6200000 | $ | 6400000 | $ | 8000000 | ||||||
| Projected benefit obligation | 6600000 | 6800000 | 8600000 | |||||||||
| Plan assets (at fair value) | 5800000 | 7200000 | 7800000 | |||||||||
| AOCL net loss | 0 | 1068000 | 1120000 | |||||||||
| Settlement rate (for year) | 10% | 10% | ||||||||||
| Expected rate of return (for year) | 7% | 7% | ||||||||||
Cullumbers contribution was $ 960000 in 2021 and benefits paid were $ 870000. Cullumber estimates that the average remaining service life is 10 years. The corridor for 2021 was $ 720000. The amount of AOCI-net loss amortized in 2021 was
$ 40800.
$ 112000.
$ 34800.
$ 106800.
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-0078025365
