Buffalo Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2020 $1,550 1.760 2,430 1,610 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2020 Contributions (funding in 2020) Benefits paid in 202- December 31, 2020 $1,760 2.720 3.250 2,810 10 % ? 380 730 190 820 (a) Compute the actual return on the plan assets in 2020 Actual return on the plan assets $ (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses eg. (45).) Net pension liability gains and losses (c) Compute the amount of net gain or loss amortization for 2020 (corridor approach). (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number eg.-45 or parentheses eg.(45).) Net pension liability gains and losses $ (c) Compute the amount of net gain or loss amortization for 2020 (corridor approach). Net gain or loss amortization $ (d) Compute pension expense for 2020. Pension expense $ e Textbook and Media Buffalo Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2020 $1,550 1.760 2,430 1,610 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2020 Contributions (funding in 2020) Benefits paid in 202- December 31, 2020 $1,760 2.720 3.250 2,810 10 % ? 380 730 190 820 (a) Compute the actual return on the plan assets in 2020 Actual return on the plan assets $ (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses eg. (45).) Net pension liability gains and losses (c) Compute the amount of net gain or loss amortization for 2020 (corridor approach). (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number eg.-45 or parentheses eg.(45).) Net pension liability gains and losses $ (c) Compute the amount of net gain or loss amortization for 2020 (corridor approach). Net gain or loss amortization $ (d) Compute pension expense for 2020. Pension expense $ e Textbook and Media
