E20-9B (Disclosures: Pension Expense and Other Comprehensive Income) Ocean Air provides the following information related to its defined-benefit pension plan. Balances or Values at December 31, 2014 Projected benefit obligation $4,195,000 Accumulated bene
mujionostevoE20-9B (Disclosures: Pension Expense and Other Comprehensive Income) Ocean Air provides the following information related to its defined-benefit pension plan.
Balances or Values at December 31, 2014
Projected benefit obligation $4,195,000
Accumulated benefit obligation 3,280,000
Vested benefit obligation 2,680,000
Fair value of plan assets 3,726,000
Accumulated OCI (PSC) 368,000
Accumulated OCI—Net loss (January 1, 2014 balance, –0–) 26,800
Pension liability 469,000
Other pension plan data:
Service cost for 2014 $ 94,000
Prior service cost amortization for 2014 36,800
Actual return on plan assets in 2014 122,200
Expected return on plan assets in 2014 149,000
Interest on January 1, 2014, projected benefit obligation 335,600
Contributions to plan in 2014 189,900
Benefits paid 231,000
Instructions
(a) Prepare the note disclosing the components of pension expense for the year 2014.
(b) Determine the amounts of other comprehensive income and comprehensive income for 2014. Net income for 2014 is $400,000.
(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2014.
12 years ago
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