Question
Wrinkle Free Company provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2014 Projected benefit obligation $2,737,000
Wrinkle Free Company provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2014 Projected benefit obligation $2,737,000 Accumulated benefit obligation $1,980,000 Fair value of plan assets $2,278,329 Accumulated OCI (PSC) $210,000 Accumulated OCINet loss (1/1/14 balance, 0), $45,680 Pension liability $458,671 Other pension plan data for 2014: Service cost $94,000 Prior service cost amortization $42,000 Actual return on plan assets $130,000 Expected return on plan assets $175,680 Interest on January 1, 2014, projected benefit obligation $253,000 Contributions to plan $93,329 Benefits paid $140,000 Required: (a) Prepare the note disclosing the components of pension expense for the year 2014. b) Determine the amounts of other comprehensive income and comprehensive income for 2014. Net income for 2014 is $35,000. (c) Compute the amount of accumulated other comprehensive income reported at December 31, 2014.
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