The following information relates to the pension plan for the employees of Turner Co.: 1/1/20 12/31/20 12/31/21 $9,240,000 $9,660,000 $12,600,000 9,765,000 10,458,000 14,007,000 Accum, benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) 8,925,000 10,920,000 12,054,000 -0- (1,512,000) (1,680,000) 11% 11% Expected rate of return (for year) 8% 7% Turner estimates that the average remaining service life is 16 years. Turner's contribution was $1,323,000 in 2021 and benefits paid were $987,000.
The following information relates to the pension plan for the employees of Turner Co.: 1/1/20 12/31/20 12/31/21 $9,240,000 $9,660,000 $12,600,000 9,765,000 10,458,000 14,007,000 Accum, benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) 8,925,000 10,920,000 12,054,000 -0- (1,512,000) (1,680,000) 11% 11% Expected rate of return (for year) 8% 7% Turner estimates that the average remaining service life is 16 years. Turner's contribution was $1,323,000 in 2021 and benefits paid were $987,000.
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 4E
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Transcribed Image Text:The following information relates to the pension plan for the employees of Turner Co.:
12/31/21
1/1/20
$9,240,000
9,765,000
12/31/20
$9,660,000
$12,600,000
10,458,000
14,007,000
Accum, benefit obligation
Projected benefit obligation
Fair value of plan assets
AOCI - net (gain) or loss
Settlement rate (for year)
8,925,000
10,920,000
12,054,000
-0-
(1,512,000)
(1,680,000)
11%
11%
Expected rate of return (for year)
8%
7%
Turner estimates that the average remaining service life is 16 years. Turner's contribution was
$1,323,000 in 2021 and benefits paid were $987,000.
The interest cost for 2021 is
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