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The actuary for the pension plan of Sheridan Inc. calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 As of January 1, 2020 Other information about the company's pension obligation and plan assets is as follows. 2021 2022 2023 2020 2021 2022 2023 (Gain) or Loss $301,200 477,600 $ (211,500) (290,200) Projected Benefit Obligation $ $ Year Minimum Amortization of (Gain) Loss $ $3,996,200 Sheridan 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 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. 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. 4,495,800 5,006,600 Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, e.g. 2,500.) 4,229,800 Plan Assets (market-related asset value) $2,385,700 2,198,700 2,592,500 3,011,100

The actuary for the pension plan of Sheridan Inc. calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 As of January 1, 2020 Other information about the company's pension obligation and plan assets is as follows. 2021 2022 2023 2020 2021 2022 2023 (Gain) or Loss $301,200 477,600 $ (211,500) (290,200) Projected Benefit Obligation $ $ Year Minimum Amortization of (Gain) Loss $ $3,996,200 Sheridan 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 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. 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. 4,495,800 5,006,600 Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, e.g. 2,500.) 4,229,800 Plan Assets (market-related asset value) $2,385,700 2,198,700 2,592,500 3,011,100

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 Sheridan Inc, calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 As of January 1, 2020 2021 Other information about the company's pension obligation and plan assets is as follows. 2022 2023 2020 2021 2022 2023 (Gain) or Loss $301,200 $ 477,600 Projected Benefit Obligation $ (211,500) (290,200) $ $ Year Minimum Amortization of (Gain) Loss Sheridan 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 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. 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. $3,996,200 Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to 0 decimal places, e.g. 2,500.) 4,495,800 5,006,600 4,229,800 Plan Assets (market-related asset value) $2,385,700 2,198,700 2,592,500 3,011,100
Transcribed Image Text:The actuary for the pension plan of Sheridan Inc, calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 As of January 1, 2020 2021 Other information about the company's pension obligation and plan assets is as follows. 2022 2023 2020 2021 2022 2023 (Gain) or Loss $301,200 $ 477,600 Projected Benefit Obligation $ (211,500) (290,200) $ $ Year Minimum Amortization of (Gain) Loss Sheridan 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 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. 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. $3,996,200 Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to 0 decimal places, e.g. 2,500.) 4,495,800 5,006,600 4,229,800 Plan Assets (market-related asset value) $2,385,700 2,198,700 2,592,500 3,011,100
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