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Use the following information to answer the next 3 questions. ABC has beginning-of-year balances of: PBO, $480,000; Plan Assets, $460,000; and Net Loss - AOCI,
Use the following information to answer the next 3 questions. ABC has beginning-of-year balances of: PBO, $480,000; Plan Assets, $460,000; and Net Loss - AOCI, $80,000. During the year, ABC recorded a loss on Plan Assets of $13,820 and a gain on the PBO of $16,000. Net income for the year is $112,000. Assume no amortization of the net gain/loss in AOCI is needed. 14. Other comprehensive income is 15. Comprehensive income is 16. The end-of-year balance in Net Loss - AOCI is ABC acquired equipment in 2020. At the end of 2020, the equipment had a book value $810,000 and a tax basis $243,000. The difference will reverse equally over 2021-2023. Assume a tax rate of 20% for 2021 and 30% for 2022-2023. In 2021, ABC will reduce the deferred tax account by 17
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