Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information relates to the pension plan for the employees of Blossom Co.: 1/1/17 12/31/17 12/31/18 Accum. benefit obligation $ 10240000 $ 10660000 $
The following information relates to the pension plan for the employees of Blossom Co.:
1/1/17 | 12/31/17 | 12/31/18 | ||||||||||
Accum. benefit obligation | $ | 10240000 | $ | 10660000 | $ | 13600000 | ||||||
Projected benefit obligation | 10765000 | 11458000 | 15007000 | |||||||||
Fair value of plan assets | 9925000 | 11920000 | 13054000 | |||||||||
AOCI net (gain) or loss | -0- | (1612000 | ) | (1780000 | ) | |||||||
Settlement rate (for year) | 9% | 9% | ||||||||||
Expected rate of return (for year) | 9% | 6% |
Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1423000 in 2018 and benefits paid were $1087000. The unexpected gain or loss on plan assets in 2018 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