Question
Use the following illustration to answer problems 22-23. Franks Soap Company had the following actuarial gains and losses (beginning balance Jan. 1, 2020 for accumulated
Use the following illustration to answer problems 22-23. Franks Soap Company had the following actuarial
gains and losses (beginning balance Jan. 1, 2020 for accumulated OCI was $0):
During 2020
$250,000
During 2021
120,000
Franks also had the following balances:
On Jan 1,
Projected Benefit Obligation
Plan Assets
2020
1,400,000
1,250,000
2021
2,000,000
1,800,000
The constant average remaining service years per employee are 10 years.
22. ______What is the minimum amortized gain or loss for 2020?
a. $0
b. $200,000
c. $120,000
d. $14,000
23. ______What is the minimum amortized gain or loss for 2021?
a. $0
b. $5,000
c. $120,000
d. $150,000
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