The following information relates to the pension plan for the employees of Turner Co.: 1/1/20 12/31/20 12/31/21 $9,240,000 $9,660,000 $12,600,000 9,765,000 10,458,000 14,007,000 Accum, benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) 8,925,000 10,920,000 12,054,000 -0- (1,512,000) (1,680,000) 11% 11% Expected rate of return (for year) 8% 7% Turner estimates that the average remaining service life is 16 years. Turner's contribution was $1,323,000 in 2021 and benefits paid were $987,000.

The following information relates to the pension plan for the employees of Turner Co.: 1/1/20 12/31/20 12/31/21 $9,240,000 $9,660,000 $12,600,000 9,765,000 10,458,000 14,007,000 Accum, benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) 8,925,000 10,920,000 12,054,000 -0- (1,512,000) (1,680,000) 11% 11% Expected rate of return (for year) 8% 7% Turner estimates that the average remaining service life is 16 years. Turner's contribution was $1,323,000 in 2021 and benefits paid were $987,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 4E

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Given the following information for Tyler Companys pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.
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Sunshine company has a defined benefit pension plan. Using the data available related to pension, calculate the amount of amortization of the net loss or gain that should be included as a component of pension expense for the current year? Average remaining service period of active employees Net gain, January 1 PBO, January 1 Plan assets, January 1 12 years $214,600 $1,630,000 S1,930,000 a. $21,600 b. $1,800 c. $51,600 d. $4,300
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