Question: Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: O Case


Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: O Case 1 ($ in thousands) Case 2 Case 3 aces Net loss (gain)-ADCI, Jan. 1. 2021 loss (gain) on plan assets 2021 loss (gain) on PBO Accumulated benefit obligation, Jan. 1 Projected benefit obligation, Jan. 1 Fair value of plan assets, Jan. 1 Average remaining service period of active employees (years) Required: $ 335 $ (397) $ 305 (26) (23) 5 (38) 31 (310) (3,100) (2,700) (1,600) (3,460) (2,820) (1,850) 2,950 2,850 1,700 12 14 10 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2021. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2021. (Input all amounts as positive values.) Net gain or loss Less: Corridor amount Case 1 $ ($ in thousands) Case 2 Case 3 335 $ 397 $ 305 40 254 Average remaining service period of active employees (years) Required: 12 14 10 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a com expense for 2021. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each Independent case, calculate any amortization of the net loss or gain that should be included as a component pension expense for 2021. (Input all amounts as positive values.) Net gain or loss Less: Corridor amount Excess, if any Service period (years) Amortization of gain or loss ($ in thousands) Case 1 Case 2 Case 3 $ 335 $ 397 $ 305 $ 335 $ 397 $ 305 1041 Average remaining service period of active employees (years) 432 12 14 10 Required: 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a c expense for 2021. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. (Amounts to be and loss amounts should be indicated by a minus sign.) ($ in thousands) Case 1 $ Case 2 Case 3 335 $ (397) $ 305 January 1, 2021 net loss (gain) Loss (gain) on plan assets Amortization Loss (gain) on PBO January 1, 2022 net loss or (gain) - AOCI 335 $ (397) $ 305
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
