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Home / Questions / 1 Chec 12 Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018...

1 Chec 12 Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the foll

1 Chec 12 Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related dat

1 Chec 12 Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: 10 points (S in 000s) $349 3,070 3,100 Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) Skipped 2,600 13years The rate of return on plan assets during 2018 was 9 % , although it was expected to be 10 %. The actuary revised assumptions regarding the PBO at the end of the year, resulting in a $42,000 decrease in the estimate of that obligation. eBook Required: 1. Calculate any amortization of the net gain that should be included 2. Assume the net pension expense for 2018, not including the amortization of the net gain component, is $344,000. What is pension expense for the year? 3. Determine the net loss-AOCI or net gain-AOCI as of January 1, 2019. Print as a component of net pension expense for 2018. References Amount amortized to 2018 pension expense thousand Pension expense thousand -AOCI, end of 2018 (beg. of 2019) thousand

 

Apr 08 2020 View more View Less

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