Bostonian Company provided the following information related to its defined benefit pension plan for 201: PBO...

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Bostonian Company provided the following information related to its defined benefit pension plan for 201: PBO on 1/1 Pair value of plan assets on 1/1 Service cost Actual return on plan assets Payments made to retirees on 12/31 $2,500,000 2,000,000 120,000 320,000 100,000 Amortization of prior service cost Recognized actuarial losses. 40,000 50,000 Contributions made to plan at 12/31 80,000 Interest rate for discounting pension obligations, Expected return on plan assets 68 88 Required: 1. What amount of pension expense should Bostonian report for 20X1? 2. What is the fair value of plan assets at December 31, 20X1? 3. What amount was recognized in OCI in 20X1? Be sure to indicate whether OCI amount represented a loss or a (gain). Amount 1. Pension expense $ 200,000 2. Fair value of plan assets $ 2,300,000 3. OCI Gain Bostonian Company provided the following information related to its defined benefit pension plan for 201: PBO on 1/1 Pair value of plan assets on 1/1 Service cost Actual return on plan assets Payments made to retirees on 12/31 $2,500,000 2,000,000 120,000 320,000 100,000 Amortization of prior service cost Recognized actuarial losses. 40,000 50,000 Contributions made to plan at 12/31 80,000 Interest rate for discounting pension obligations, Expected return on plan assets 68 88 Required: 1. What amount of pension expense should Bostonian report for 20X1? 2. What is the fair value of plan assets at December 31, 20X1? 3. What amount was recognized in OCI in 20X1? Be sure to indicate whether OCI amount represented a loss or a (gain). Amount 1. Pension expense $ 200,000 2. Fair value of plan assets $ 2,300,000 3. OCI Gain

Answer rating: 100% (QA)

1 To calculate the pension expense for 20X1 we need to consider several components such as the servi... View the full answer