Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
Question
Chapter 19, Problem 2MC
To determine

Identify the correct option for the given statement.

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During 2019, the Electric Company experienced a difference between its expected and actual projected benefit obligation. At the beginning of 2020, Electric's actuary notified them of the following accumulated information related to their plan: Net loss (1/1/2020) $165,000 Actual projected benefit obligation (1/1/2020) $356,000 Fair value of plan assets (1/1/2020) $865,000 On December 31, 2020, Electric is in the process of calculating the net gain or loss to include in its pension expense for 2020. The average remaining service life of its employees is 10 years and there are no differences between the company's expected and annual rate of return on plan assets in 2020. Required:Compute the amount of the net gain or loss to include in the pension expense for 2020. Note whether it is an addition or subtraction to the pension expense.

Chapter 19 Solutions

Intermediate Accounting: Reporting And Analysis

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