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Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Case 1 Net loss (gain)-AOCI, January 1 $ 324 ($ in thousands) Case 2 $ (340) Case 3 270 2024 loss (gain) on plan assets (15) 2024 loss (gain) on PBO (12) 6 (27) Projected benefit obligation, January 1 Accumulated benefit obligation, January 1 20 (275) (2,990) (2,590) (1,490) Fair value of plan assets, January 1 Average remaining service period of active employees (years) (3,350) (2,710) (1,740) 2,840 2,740 1,590 10 11 8 Required: 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). ($ in thousands) Case 1 Case 2 Case 3 $ 324 $ 340 $ 270 Net gain or loss Less: Corridor amount Excess, if any $ 324 $ 340 $ 270 Service period (years)

Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Case 1 Net loss (gain)-AOCI, January 1 $ 324 ($ in thousands) Case 2 $ (340) Case 3 270 2024 loss (gain) on plan assets (15) 2024 loss (gain) on PBO (12) 6 (27) Projected benefit obligation, January 1 Accumulated benefit obligation, January 1 20 (275) (2,990) (2,590) (1,490) Fair value of plan assets, January 1 Average remaining service period of active employees (years) (3,350) (2,710) (1,740) 2,840 2,740 1,590 10 11 8 Required: 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). ($ in thousands) Case 1 Case 2 Case 3 $ 324 $ 340 $ 270 Net gain or loss Less: Corridor amount Excess, if any $ 324 $ 340 $ 270 Service period (years)

Intermediate Accounting: Reporting And Analysis
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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Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Case 1 Net loss (gain)-AOCI, January 1 $ 324 ($ in thousands) Case 2 $ (340) Case 3 270 2024 loss (gain) on plan assets (15) 2024 loss (gain) on PBO (12) 6 (27) Projected benefit obligation, January 1 Accumulated benefit obligation, January 1 20 (275) (2,990) (2,590) (1,490) Fair value of plan assets, January 1 Average remaining service period of active employees (years) (3,350) (2,710) (1,740) 2,840 2,740 1,590 10 11 8 Required: 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). ($ in thousands) Case 1 Case 2 Case 3 $ 324 $ 340 $ 270 Net gain or loss Less: Corridor amount Excess, if any $ 324 $ 340 $ 270 Service period (years)
Transcribed Image Text:Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Case 1 Net loss (gain)-AOCI, January 1 $ 324 ($ in thousands) Case 2 $ (340) Case 3 270 2024 loss (gain) on plan assets (15) 2024 loss (gain) on PBO (12) 6 (27) Projected benefit obligation, January 1 Accumulated benefit obligation, January 1 20 (275) (2,990) (2,590) (1,490) Fair value of plan assets, January 1 Average remaining service period of active employees (years) (3,350) (2,710) (1,740) 2,840 2,740 1,590 10 11 8 Required: 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). ($ in thousands) Case 1 Case 2 Case 3 $ 324 $ 340 $ 270 Net gain or loss Less: Corridor amount Excess, if any $ 324 $ 340 $ 270 Service period (years)
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