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Turner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees. The remaining amortization period at December 31, 20X0, for
Turner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees. The remaining amortization period at December 31, 20X0, for prior service cost is 5 years. The average remaining service life of employees is 11 years at January 1 , 201, and 10 years at December 31, 20X1. The AOCl-net actuarial (gain) loss was zero at December 31, 20X0. Turner smooths recognition of its gains and losses when computing its market-related value to compute expected return. Additional Information: Required: 1. Compute the amount of prior service cost that would be amortized as a component of pension expense for 201 and 202. 2. Compute the actual return on plan assets for 201. 3. Compute the unexpected net gain or loss on plan assets for 201. 4. Compute pension expense for 201. 5. Prepare the company's required pension journal entries for 201 6. Compute the 201 increase/decrease in AOCl-net actuarial (gain) loss and the amount to be amortized in 201 and 202 7. Confirm that the pension asset (liability) on the balance sheet equals the funded status as of December 31,201
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