At January 1, 20X1, Milo Co.s projected benefit obligation is $300,000, and the fair value of its
Question:
At January 1, 20X1, Milo Co.’s projected benefit obligation is $300,000, and the fair value of its pension plan assets is $340,000. The average remaining service period of Milo’s employees is 10 years. Milo Co. uses the calendar year for financial reporting. The following additional information is available for Milo’s net actuarial gains and losses:
Required:
Compute the amount of gain or loss amortization to be included in pension expense for each year, 20X1 through 20X3. Indicate whether the amortization increases or decreases pension expense.
Transcribed Image Text:
20X1 20X2 20X3 $ 40,000 $ 28,000 $ 53,000 AOCI-net actuarial (gain) loss at 1/1 PBO at 12/31 Fair value of plan assets at 12/31 341,000 323,000 402,000 419,000 416,000 438,000
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Related Book For
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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