The following information relates to the pension plan of Circle Manufacturing Company at December 31, 2013: _________________________________________________(In
Question:
_________________________________________________(In thousands)
Balances at December 31, 2013:
PBO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,950
Fair value of the pension fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,600
Prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Deferred net pension loss (arose in 2013) . . . . . . . . . . . . . . . . . . . . . . . . 220
2013 activity:
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 950
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300
Actual return on the pension fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020
Expected return on the pension fund. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,110
Amortization of prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
Instructions:
Prepare the pension note at December 31, 2013, that discloses the component parts of pension expense as well as the items that combine to yield the net amounts reported in the balance sheet.
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The 2013 pension expense includes the following components ...View the full answer
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