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Question: Katie Day Company adopts acceptable accounting for its defined benefit pension plan on January 1,......
Question: Katie Day Company adopts acceptable accounting for its defined benefit pension plan on January 1,... Katie Day Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2011, with the following beginning balances: plan assets $200,000, projected benefit obligation $200,000. Other data relating to 3 years’ operation of the plan are as follows. 2011 2012 2013 $ 16,000 $19,000 $ 26,000 a) Annual service cost b) Settlement rate and expected rate of return c) Actual return on plan assets 17,000 21,900 24,000 d) Annual contribution e) Benefits paid 10% | 10% | 10% 16,000 40,000 48,000 14,00016,40021,000 Unrecognized prior service cost (plan amended 1/1/12) g) Amortization of unrecognized prior service cost h) Change in actuarial assum est.12/31/2013 proj. benefit of: 160,000 54,40041,600 520,000 Compute the amount of gain or loss to be amortized, if any during the year 2014. Assume that average expected years of service is 8 years.
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Expert Solution
The amount of gain or loss to be amortized, if any during the year 2014 = $421.25
refer below
ekkarill92 answered 1 year agoRelated Solutions
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Blue Company adopts acceptable accounting for its defined
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beginning balances: plan assets $203,100; projected benefit
obligation $252,000. Other data relating to 3 years’ operation of
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2019
2020
2021
Annual service cost
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$26,200
Settlement rate and expected rate
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10
%
10
%
10
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Actual return on plan assets
18,200
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Problem 20-2 Crane Company adopts acceptable accounting for its defined benefit pension plan on January 1,...
Problem 20-2
Crane Company adopts acceptable accounting for its defined
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2017
2018
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Settlement rate and expected rate
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%
10
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10
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Madoff Company sponsors a defined-benefit pension plan for its
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OCI – Loss 72,000
As a result of the operation of the plan during 2017, the actuary
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The following data relates to the plan for the company’s current
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The Royal Corp has a defined benefit pension plan. As of January 1, 2019, the company...
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The projected benefit obligation at the beginning of each year
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