Oriole Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2021: Service cost for 2021 $ 25,500 Accumulated benefit obligation 688,000 Plan assets at fair value 635,000 Accumulated OCI (PSC) 305,000 Vested benefit obligation 510,000 Market-related asset value 730,000 Projected benefit obligation 865,000 Accumulated OCI net gain 92,500 Interest on projected benefit obligation 69,000 (a) Calculate the pension asset/liability to be recorded at December 31, 2021. a. Pension (Asset or Liability) $ b. Calculate the amortization of the net gain. The average remaining service life of employees is 10 years
Oriole Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2021: Service cost for 2021 $ 25,500 Accumulated benefit obligation 688,000 Plan assets at fair value 635,000 Accumulated OCI (PSC) 305,000 Vested benefit obligation 510,000 Market-related asset value 730,000 Projected benefit obligation 865,000 Accumulated OCI net gain 92,500 Interest on projected benefit obligation 69,000 (a) Calculate the pension asset/liability to be recorded at December 31, 2021. a. Pension (Asset or Liability) $ b. Calculate the amortization of the net gain. The average remaining service life of employees is 10 years
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 12E
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Oriole Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2021:
| Service cost for 2021 | $ 25,500 | |
| Accumulated benefit obligation | 688,000 | |
| Plan assets at fair value | 635,000 | |
| Accumulated OCI (PSC) | 305,000 | |
| Vested benefit obligation | 510,000 | |
| Market-related asset value | 730,000 | |
| Projected benefit obligation | 865,000 | |
| Accumulated OCI net gain | 92,500 | |
| Interest on projected benefit obligation | 69,000 |
(a)
Calculate the pension asset/liability to be recorded at December 31, 2021.
a.
| Pension (Asset or Liability) |
$
|
b. Calculate the amortization of the net gain. The average remaining service life of employees is 10 years
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