Balances or Values at December 31, 2017 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI–Net loss (1/1/17 balance, –0–) Pension liability Other pension plan data for 2017: Service cost $2,737,000 1,980,000 2,278,329 210,000 45,680 458,671 94,000 42,000 130,000 175,680 253,000 93,329 140,000 Prior service cost amortization Actual return on plan assets Expected return on plan assets Interest on January 1, 2017, projected benefit obligation Contributions to plan Benefits paid
Balances or Values at December 31, 2017 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI–Net loss (1/1/17 balance, –0–) Pension liability Other pension plan data for 2017: Service cost $2,737,000 1,980,000 2,278,329 210,000 45,680 458,671 94,000 42,000 130,000 175,680 253,000 93,329 140,000 Prior service cost amortization Actual return on plan assets Expected return on plan assets Interest on January 1, 2017, projected benefit obligation Contributions to plan Benefits paid
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
(Disclosures: Pension Expense and Other Comprehensive Income) Taveras Enterprises provides the following information relative to its defined benefit pension plan.
Check the below image for the information.
Instructions
(a) Prepare the note disclosing the components of pension expense for the year 2017.
(b) Determine the amounts of other comprehensive income and comprehensive income for 2017. Net income for 2017 is $35,000.
(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2017.
Transcribed Image Text:Balances or Values at December 31, 2017
Projected benefit obligation
Accumulated benefit obligation
Fair value of plan assets
Accumulated OCI (PSC)
Accumulated OCI–Net loss (1/1/17 balance, –0–)
Pension liability
Other pension plan data for 2017:
Service cost
$2,737,000
1,980,000
2,278,329
210,000
45,680
458,671
94,000
42,000
130,000
175,680
253,000
93,329
140,000
Prior service cost amortization
Actual return on plan assets
Expected return on plan assets
Interest on January 1, 2017, projected benefit obligation
Contributions to plan
Benefits paid
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