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The following facts pertain to ABC Company's pension plan for 2012:
Expected Return on plan assets is 15%, the FMV of plan assets, on 1/1/2012 is $100,000, the FMV on 12/31/2012 is $130,000, contributions to pension plan was $14,000 and benefits paid to retired employees was $8,000.

The following information pertains to the beginning of 2012:
The PBO was $135,000, the accumulated gain in other comprehensive income (OCI) was $20,000 and the average remaining service period of active employees is 20 years.

Requirement:
A) Determine the difference between the actual and expected return on plan assets for 20125
B) Determine the amortization of the net gain or loss in OCI
C) Determine the gain or loss recognized as a component of pension costs in 2012
D) Determine the accumulated gain or loss that would be carried forward in OCI in 2013.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941042

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