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The actuary for the pension plan of Pharoah Inc. calculated the following net gains and losses. Incurred during the Year 2025 Other information about the company's pension obligation and plan assets is as follows. As of January 1, 2025 2026 2027 2028 Year 2026 2025 2027 2026 2028 2027 2028 (Gain) or Loss $301,050 476,000 (209,300) (287.700) Projected Benefit Obligation $4,027.200 4,507,600 5,029,300 Pharoah Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization 4.200480 Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2025, 2026 2027, and 2028. Apply the "corridor approach in determining the amount to be amortized each year. (Round answers to 0 decimal places, 2,500) Plan Assets (market-related asset value) $2.403.600 2,187,600 2.602.800 Projected Beneht Obligation 3.026.800 Plan Assets 11 Corridor Accumulated OCI (G/L)

The actuary for the pension plan of Pharoah Inc. calculated the following net gains and losses. Incurred during the Year 2025 Other information about the company's pension obligation and plan assets is as follows. As of January 1, 2025 2026 2027 2028 Year 2026 2025 2027 2026 2028 2027 2028 (Gain) or Loss $301,050 476,000 (209,300) (287.700) Projected Benefit Obligation $4,027.200 4,507,600 5,029,300 Pharoah Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization 4.200480 Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2025, 2026 2027, and 2028. Apply the "corridor approach in determining the amount to be amortized each year. (Round answers to 0 decimal places, 2,500) Plan Assets (market-related asset value) $2.403.600 2,187,600 2.602.800 Projected Beneht Obligation 3.026.800 Plan Assets 11 Corridor Accumulated OCI (G/L)

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 7E
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The actuary for the pension plan of Pharoah Inc. calculated the following net gains and losses Incurred during the Year 2025 As of January 1, 2025 2026 2027 2028 Other information about the company's pension obligation and plan assets is as follows. Year 2026 2027 2028 2025 2026 (Gain) or Loss $301,050 2027 2028 476,000 (209,300) (287.700) Projected Benefit Obligation $4,027.200 4,507,600 Pharoah Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization 5,029,300 Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2025, 2026 2027, and 2028. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, 2,500) 4,200,480 Projected Benent Obligation Plan Assets (market-related asset value) $2.403.600 2,187,600 2.602.800 3.026.800 Plan Assets 11 Corridor Accumulated OCI (G/L)
Transcribed Image Text:The actuary for the pension plan of Pharoah Inc. calculated the following net gains and losses Incurred during the Year 2025 As of January 1, 2025 2026 2027 2028 Other information about the company's pension obligation and plan assets is as follows. Year 2026 2027 2028 2025 2026 (Gain) or Loss $301,050 2027 2028 476,000 (209,300) (287.700) Projected Benefit Obligation $4,027.200 4,507,600 Pharoah Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization 5,029,300 Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2025, 2026 2027, and 2028. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, 2,500) 4,200,480 Projected Benent Obligation Plan Assets (market-related asset value) $2.403.600 2,187,600 2.602.800 3.026.800 Plan Assets 11 Corridor Accumulated OCI (G/L)
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