Unc.6 Ivanhoe Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related valuesfor its pension plan assets.20242025202620272024ProjectedBenefitObligation$2,080,000 $1,976,00020252,496,0003,068,0003,744,000The average remaining service life per employee in 2024 and 2025 is 10 years; and in 2026 and 2027, is 12 years. The net gain or lossthat occurred during each year is as follows: 2024, $291,200 loss; 2025, $93,600 loss; 2026, $11,440 loss; and 2027, $26,000 gain. (Inworking the solution, the gains and losses must be aggregated to arrive at year-end balances.)2026Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the fouryears, setting up an appropriate schedule. (Do not leave any answer field blank. Enter O for amounts.)2027PlanAssetsValueYear Minimum Amortization of Loss2,600,0002,704,0003,120,000$170

The projected benefit obligation name itself says it is an obligation of future liabilities. It is a…

Answered: llowing beginning-of-the-year present…

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 11E

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Sandhill Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets. ProjectedBenefitObligation PlanAssetsValue 2019 $2,420,000 $2,299,000 2020 2,904,000 3,025,000 2021 3,569,500 3,146,000 2022 4,356,000 3,630,000 The average remaining service life per employee in 2019 and 2020 is 10 years and in 2021 and 2022 is 12 years. The net gain or loss that occurred during each year is as follows: 2019, $338,800 loss; 2020, $108,900 loss; 2021, $13,310 loss; and 2022, $30,250 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.)Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule. Year Minimum Amortization of Loss 2019 2020 2021 2022
Pharoah Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets. ProjectedBenefitObligation PlanAssetsValue 2019 $2,340,000 $2,223,000 2020 2,808,000 2,925,000 2021 3,451,500 3,042,000 2022 4,212,000 3,510,000 The average remaining service life per employee in 2019 and 2020 is 10 years and in 2021 and 2022 is 12 years. The net gain or loss that occurred during each year is as follows: 2019, $327,600 loss; 2020, $105,300 loss; 2021, $12,870 loss; and 2022, $29,250 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.)Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule.
Flounder Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets. ProjectedBenefitObligation PlanAssetsValue 2019 $2,140,000 $2,033,000 2020 2,568,000 2,675,000 2021 3,156,500 2,782,000 2022 3,852,000 3,210,000 The average remaining service life per employee in 2019 and 2020 is 10 years and in 2021 and 2022 is 12 years. The net gain or loss that occurred during each year is as follows: 2019, $299,600 loss; 2020, $96,300 loss; 2021, $11,770 loss; and 2022, $26,750 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.)Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule.

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