Menan Herring Wholesale Company has a defined benefit pension plan. On January 1, 2024, the following pension related data wereavailable:Net gain-AOCIAccumulated benefit obligationProjected benefit obligationFair value of plan assetsAverage remaining service period of active employees (expected toremain constant for the next several years)($ in thousands)$ 2502,1702,2001,70015 yearsThe rate of return on plan assets during 2024 was 9%, although it was expected to be 10%. The actuary revised assumptions regardingthe PBO at the end of the year, resulting in a $33,000 decrease in the estimate of that obligation.Required:1. Calculate any amortization of the net gain that should be included as a component of net pension expense for 2024.2. Assume the net pension expense for 2024, not including the amortization of the net gain component, is $335,000. What is pensionexpense for the year?3. Determine the net loss-AOCI or net gain-AOCI as of January 1, 2025.Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).1. Amount amortized to 2024 pension expense2. Pension expense-233.-AOCI, end of 2024 (beginning of 2025)($ in thousands)

When a net gain or loss at the start of the year exceeds 10% of the PBO or 10% of plan assets,…

Herring Wholesale Company has a defined benefit pension plan. On January 1, 2024, the following pension related data were available: Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) ($ in thousands) $ 250 2,170 2,200 1,700 15 years

Herring Wholesale Company has a defined benefit pension plan. On January 1, 2024, the following pension related data were available: Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) ($ in thousands) $ 250 2,170 2,200 1,700 15 years

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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