Indicate the pension amounts reported in the financial statement as of December 31, 2025. SUNLAND COMPANY Income Statement (Partial) A

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sunland Company sponsors a defined benefit plan for its 100 employees. On January 1, 2025, the company's actuary provided
the following information.
Accumulated other comprehensive loss (PSC)
Pension plan assets (fair value and market-related asset value)
Accumulated benefit obligation
Projected benefit obligation
$149,800
198,700
259,500
387,200
The average remaining service period for the participating employees is 10 years. All employees are expected to receive
benefits under the plan. On December 31, 2025, the actuary calculated that the present value of future benefits earned for
employee services rendered in the current year amounted to $49,100; the projected benefit obligation was $486,600; fair value
of pension assets was $275,600; the accumulated benefit obligation amounted to $362,700. The expected return on plan assets
and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $10,300. The
company's current year's contribution to the pension plan amounted to $66,600. No benefits were paid during the year.
Transcribed Image Text:Sunland Company sponsors a defined benefit plan for its 100 employees. On January 1, 2025, the company's actuary provided the following information. Accumulated other comprehensive loss (PSC) Pension plan assets (fair value and market-related asset value) Accumulated benefit obligation Projected benefit obligation $149,800 198,700 259,500 387,200 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2025, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $49,100; the projected benefit obligation was $486,600; fair value of pension assets was $275,600; the accumulated benefit obligation amounted to $362,700. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $10,300. The company's current year's contribution to the pension plan amounted to $66,600. No benefits were paid during the year.
Indicate the pension amounts reported in the financial statement as of December 31, 2025.
SUNLAND COMPANY
Income Statement (Partial)
tA
10
Transcribed Image Text:Indicate the pension amounts reported in the financial statement as of December 31, 2025. SUNLAND COMPANY Income Statement (Partial) tA 10
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