(Disclosures: Pension Expense and Other Comprehensive Income) Taveras Enterprises provides the following information relative to its defined benefit pension plan.Check the below image for the information.Instructions(a) Prepare the note disclosing the components of pension expense for the year 2017.(b) Determine the amounts of other comprehensive income and comprehensive income for 2017. Net income for 2017 is $35,000.(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2017. Balances or Values at December 31, 2017Projected benefit obligationAccumulated benefit obligationFair value of plan assetsAccumulated OCI (PSC)Accumulated OCI–Net loss (1/1/17 balance, –0–)Pension liabilityOther pension plan data for 2017:Service cost$2,737,0001,980,0002,278,329210,00045,680458,67194,00042,000130,000175,680253,00093,329140,000Prior service cost amortizationActual return on plan assetsExpected return on plan assetsInterest on January 1, 2017, projected benefit obligationContributions to planBenefits paid

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Answered: Balances or Values at December 31, 2017…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 20E

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(Disclosures: Pension Expense and Other Comprehensive Income) Taveras Enterprises provides the following information relative to its defined benefit pension plan.

Check the below image for the information.

Instructions
(a) Prepare the note disclosing the components of pension expense for the year 2017.
(b) Determine the amounts of other comprehensive income and comprehensive income for 2017. Net income for 2017 is $35,000.
(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2017.

Balances or Values at December 31, 2017
Projected benefit obligation
Accumulated benefit obligation
Fair value of plan assets
Accumulated OCI (PSC)
Accumulated OCI–Net loss (1/1/17 balance, –0–)
Pension liability
Other pension plan data for 2017:
Service cost
$2,737,000
1,980,000
2,278,329
210,000
45,680
458,671
94,000
42,000
130,000
175,680
253,000
93,329
140,000
Prior service cost amortization
Actual return on plan assets
Expected return on plan assets
Interest on January 1, 2017, projected benefit obligation
Contributions to plan
Benefits paid

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