Concept explainers
a.
The value of closing balance of plan assets, value of closing balance of PBO and the funded status.
Given information:
Fair value of plan assets at the beginning is $1,006,902.
Value of PBO at the beginning is $1,043,692.
Service cost is $58,084.
Interest on PBOat the beginning is $135,680.
Expected rate on plan assets is 9%.
Actual return on plan assets is $84,500.
Contribution for the year is $92,612.
Benefit paid for the year is $48,672.
Amortization of prior service cost rate is 20%.
Actuarial loss is $18,252.
b.
The amount to be recognized in the statement of financial position at the end of the year.
c.
The value of the closing balance in accumulated other comprehensive income of current year.
Given information:
Fair value of plan assets at the beginning is $1,006,902.
Value of PBO at the beginning is $1,043,692.
Service cost is $58,084.
Interest on PBOat the beginning is $135,680.
Expected rate on plan assets is 9%.
Actual return on plan assets is $84,500.
Contribution for the year is $92,612.
Benefit paid for the year is $48,672.
Amortization of prior service cost rate is 20%.
Actuarial loss is $18,252.
d.
The information of pension plan with an accumulated benefit obligation in excess of plan assets.
e.
The components of net periodic benefit cost and other amounts recognized in net income.
f.
The value of other changes in the plan assets and PBO recognized in other comprehensive income.
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Intermediate Accounting
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- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning