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Indicate the pension amounts reported in the financial statement as of December 31, 2025. SUNLAND COMPANY Income Statement (Partial) A

Indicate the pension amounts reported in the financial statement as of December 31, 2025. SUNLAND COMPANY Income Statement (Partial) A

Intermediate Accounting: Reporting And Analysis
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 6RE
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Sunland Company sponsors a defined benefit plan for its 100 employees. On January 1, 2025, the company's actuary provided the following information. Accumulated other comprehensive loss (PSC) Pension plan assets (fair value and market-related asset value) Accumulated benefit obligation Projected benefit obligation $149,800 198,700 259,500 387,200 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2025, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $49,100; the projected benefit obligation was $486,600; fair value of pension assets was $275,600; the accumulated benefit obligation amounted to $362,700. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $10,300. The company's current year's contribution to the pension plan amounted to $66,600. No benefits were paid during the year.
Transcribed Image Text:Sunland Company sponsors a defined benefit plan for its 100 employees. On January 1, 2025, the company's actuary provided the following information. Accumulated other comprehensive loss (PSC) Pension plan assets (fair value and market-related asset value) Accumulated benefit obligation Projected benefit obligation $149,800 198,700 259,500 387,200 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2025, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $49,100; the projected benefit obligation was $486,600; fair value of pension assets was $275,600; the accumulated benefit obligation amounted to $362,700. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $10,300. The company's current year's contribution to the pension plan amounted to $66,600. No benefits were paid during the year.
Indicate the pension amounts reported in the financial statement as of December 31, 2025. SUNLAND COMPANY Income Statement (Partial) tA 10
Transcribed Image Text:Indicate the pension amounts reported in the financial statement as of December 31, 2025. SUNLAND COMPANY Income Statement (Partial) tA 10
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