Question
The following information relates to the pension plan for the employees of Senyo Co.: January 1 2014 December 31 2014 December 31 2015 Accumulated benefit
The following information relates to the pension plan for the employees of Senyo Co.:
|
| January 1 2014 | December 31 2014 | December 31 2015 |
| Accumulated benefit obligation | 6,160,000 | 6,440,000 | 8,400,000 |
| Projected benefit obligation | 6,510,000 | 6,972,000 | 9,338,000 |
| Fair value of plan assets | 5,950,000 | 7,280,000 | 8,036,000 |
| AOCI - net (gain) or loss | -0- | (1,008,000) | (1,120,000) |
| Settlement rate (for year) | 11% | 11% | |
| Expected rate of return (for year) | 8% | 7% |
Senyo estimates that the average remaining service life is 16 years. Senyo's contribution was $882,000 in 2015 and benefits paid were $658,000. The amount of AOCI (net gain) amortized in 2015 is
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
African Charter For Internal Audit Of Cooperative Governance
Authors: Donfack MEKONTCHOU ROCHE
1st Edition
6205541777, 978-6205541777
