Mildred Enterprises provides the following information related to its defined-benefit pension plan.
Balances or Values at December 31, 2008
Projected benefit obligation .................$2,737,000
Fair value of plan assets ...................2,278,329
Accumulated OCI (PSC) ....................205,000
Accumulated OCI (Net loss) (January 1, 2008, balance, –0–) .......45,680
Pension liability .......................207,991
Other pension plan data:
Service cost for 2008 ......................$ 94,000
Prior service cost amortization for 2008 ................45,000
Actual return on plan assets in 2008 ...............130,000
Expected return on plan assets in 2008 ..............175,680
Interest on January 1, 2008, projected benefit obligation .......253,000
Contributions to plan in 2008 ...................92,329
Benefits paid .........................140,000
Instructions
(a) Prepare the note disclosing the components of pension expense for the year 2008.
(b) Determine the amounts of other comprehensive income and comprehensive income for 2008. Net income for 2008 is $35,000.
(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2008.