The following information for Rapley Enterprises is given below:
December 31, 2013
Assets and obligations
Plan assets (at fair value) $100,000
Accumulated benefit obligation 185,000
Projected benefit obligation 200,000
Other Items
Pension asset / liability, January 1, 2013 5,000
Contributions 60,000
Accumulated other comprehensive loss 83,950
There were no actuarial gains or losses at January 1, 2013. The average remaining service life of employees is 10 years.
a. What is the pension expense that Rapley Enterprises should report for 2013?
b. What is the amount that Rapley Enterprises should report as its pension liability on its balance sheet as of December 31, 2013?
c. The amortization of Other Comprehensive Loss for 2014 is?