Buffalo Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,761,900 Accumulated benefit obligation 1,970,300 Fair value of plan assets 2,283,700 Accumulated OCI (PSC) 207,900 Accumulated OCI—Net loss (1/1/20 balance, 0) 45,600 Pension liability 478,200 Other pension plan data for 2020: Service cost $94,400 Prior service cost amortization 42,000 Actual return on plan assets 128,900 Expected return on plan assets 174,500 Interest on January 1, 2020, projected benefit obligation 251,500 Contributions to plan 94,200 Benefits paid 141,200 (a) Correct answer icon Your answer is correct. Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension Expense $ $ eTextbook and Media Attempts: 2 of 3 used (b) Correct answer icon Your answer is correct. Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $34,600. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Other comprehensive income (loss) $ Comprehensive income (loss) $ eTextbook and Media Attempts: 2 of 3 used (c) Compute the amount of accumulated other comprehensive income reported at December 31, 2020. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Accumulated other comprehensive income (loss)

Buffalo Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,761,900 Accumulated benefit obligation 1,970,300 Fair value of plan assets 2,283,700 Accumulated OCI (PSC) 207,900 Accumulated OCI—Net loss (1/1/20 balance, 0) 45,600 Pension liability 478,200 Other pension plan data for 2020: Service cost $94,400 Prior service cost amortization 42,000 Actual return on plan assets 128,900 Expected return on plan assets 174,500 Interest on January 1, 2020, projected benefit obligation 251,500 Contributions to plan 94,200 Benefits paid 141,200 (a) Correct answer icon Your answer is correct. Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension Expense $ $ eTextbook and Media Attempts: 2 of 3 used (b) Correct answer icon Your answer is correct. Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $34,600. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Other comprehensive income (loss) $ Comprehensive income (loss) $ eTextbook and Media Attempts: 2 of 3 used (c) Compute the amount of accumulated other comprehensive income reported at December 31, 2020. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Accumulated other comprehensive income (loss)

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 6E

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(a)

Correct answer icon

Your answer is correct.

Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).)

Components of Pension Expense
		$



		$

eTextbook and Media

Attempts: 2 of 3 used

(b)

Correct answer icon

Your answer is correct.

Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $34,600. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Other comprehensive income (loss)		$
Comprehensive income (loss)		$

eTextbook and Media

Attempts: 2 of 3 used

(c)

Compute the amount of accumulated other comprehensive income reported at December 31, 2020. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Accumulated other comprehensive income (loss)

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Balances or Values at December 31, 2020
Projected benefit obligation		$2,761,900
Accumulated benefit obligation		1,970,300
Fair value of plan assets		2,283,700
Accumulated OCI (PSC)		207,900
Accumulated OCI—Net loss (1/1/20 balance, 0)		45,600
Pension liability		478,200
Other pension plan data for 2020:
Service cost		$94,400
Prior service cost amortization		42,000
Actual return on plan assets		128,900
Expected return on plan assets		174,500
Interest on January 1, 2020, projected benefit obligation		251,500
Contributions to plan		94,200
Benefits paid		141,200