Shiloh Acres sponsors a defined-benefit pension plan. The corporations actuary provides the following information about the plan.

Shiloh Acres sponsors a defined-benefit pension plan. The corporation’s actuary provides the following information about the plan.

The average remaining service life per employee is 10 years.

Instructions
(a) Compute the actual return on the plan assets in 2014.
(b) Compute the amount of other comprehensive income (G/L) as of December 31, 2014. (Assume the January 1, 2014, balance was zero.)
(c) Compute the amount of net gain or loss amortization for 2014 (corridor approach).
(d) Compute the amount of prior service cost amortization for 2014.
(e) Compute pension expense for2014.

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January 1 December 31 2014 2014 $500 650 860 600 $610 795 996 740 10% Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) Settlement rate and expected rate of return Pension asset/liability Accumulated OCI (PSC) Service cost for the year 2014 Contributions (funding in 2014) Benefits paid in 2014 260 210 100 80 50