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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Given the following information for Tyler Company’s pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.

Chapter 19, Problem 9RE, Given the following information for Tyler Companys pension plan at the beginning of the year,

To determine

Calculate the amount of corridor, excess net loss (gain), and amortized net loss (gain) of Company T for the year ended.

Explanation

Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.

Calculate the amount of corridor, excess net loss (gain), and amortized net loss (gain) of Company T for the year ended as follows:

Corridor:

Corridor = Actual projected benefit obligation ×10%=$220,000×10100=$22,000

Note: The projected benefit obligation of $220,000 is more than the fair value of plan asset of $200,000. Hence, the amount of corridor is calculated from 10% of the projected benefit obligation

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