Use the following information to answer the next 3 questions. ABC has beginning-of-year balances of: PBO,...

Use the following information to answer the next 3 questions.
		ABC has beginning-of-year balances of: PBO, $330,000; Plan Assets, $310,000; and Net Loss – AOCI, $55,000. During the year, ABC recorded a loss on Plan Assets of $8,820 and a gain on the PBO of $11,000. Net income for the year is $77,000. Assume no amortization of the net gain/loss in AOCI is needed.
14.		Other comprehensive income is ____.
15.		Comprehensive income is ____.
16.		The end-of-year balance in Net Loss – AOCI is ____.

Expert Solution

	Loss on Plan Assets	(8,820)
	Gain on the PBO	11,000
Answer 14	Other comprehensive income	2,180

	Net income	77,000
	Other comprehensive income	2,180
Answer 15	Comprehensive income	79,180

	Beginning Net Loss – AOCI	55,000
	Add: Loss on Plan Assets	8,820
	Less: Gain on the PBO	(11,000)
Answer 16	End-of-year balance in Net Loss – AOCI	52,820

ekkarill92 answered 2 years ago

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