Pronghorn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,715,800 Accumulated benefit obligation 1,992,600 Fair value of plan assets 2,283,600 Accumulated OCI (PSC) 208,800 Accumulated OCI—Net loss (1/1/20 balance, 0) 45,600 Pension liability 432,200 Other pension plan data for 2020: Service cost $94,600 Prior service cost amortization 42,200 Actual return on plan assets 130,900 Expected return on plan assets 176,500 Interest on January 1, 2020, projected benefit obligation 252,200 Contributions to plan 92,800 Benefits paid 139,600 Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,000. Compute the amount of accumulated other comprehensive income reported at December 31, 2020
Pronghorn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,715,800 Accumulated benefit obligation 1,992,600 Fair value of plan assets 2,283,600 Accumulated OCI (PSC) 208,800 Accumulated OCI—Net loss (1/1/20 balance, 0) 45,600 Pension liability 432,200 Other pension plan data for 2020: Service cost $94,600 Prior service cost amortization 42,200 Actual return on plan assets 130,900 Expected return on plan assets 176,500 Interest on January 1, 2020, projected benefit obligation 252,200 Contributions to plan 92,800 Benefits paid 139,600 Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,000. Compute the amount of accumulated other comprehensive income reported at December 31, 2020
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 5P
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Pronghorn Enterprises provides the following information relative to its defined benefit pension plan.
|
Balances or Values at December 31, 2020
|
||
| Projected benefit obligation | $2,715,800 | |
| Accumulated benefit obligation | 1,992,600 | |
| Fair value of plan assets | 2,283,600 | |
| Accumulated OCI (PSC) | 208,800 | |
| Accumulated OCI—Net loss (1/1/20 balance, 0) | 45,600 | |
| Pension liability | 432,200 | |
| Other pension plan data for 2020: | ||
| Service cost | $94,600 | |
| Prior service cost amortization | 42,200 | |
| Actual return on plan assets | 130,900 | |
| Expected return on plan assets | 176,500 | |
| Interest on January 1, 2020, projected benefit obligation | 252,200 | |
| Contributions to plan | 92,800 | |
| Benefits paid | 139,600 |
Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,000.
Compute the amount of accumulated other comprehensive income reported at December 31, 2020.
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