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Problem:

The following facts pertaining to the Eastvaco's pension plan for 2012. Expected return on plan assets is 15%, the FMV of plan assets, on January 1, 2012 is 100,000, the FMV on December 31, 2012 is 130,000, contributions to pension plan was 14,000 the benefits paid to retired employees was 8,000.

Consider the following information as of the beginning of 2012. The projected benefit obligation or PBO was 135,000, the accumulated gain ( loss) in other comprehensive income (OCI) was 20,000 and the average remaining service period of active employees 20 years.

Required:

Question 1: Determine the difference between actual and expected return on plan assets for 2012.

Question 2: Determine the amortization of the net gain or loss accumulated OCI.

Question 3: Determine the gain or loss recognized as a component of pension costs in 2012.

Question 4: Determine the accumulated gain or loss that would be carried forward in OCI in 2013.

Note: Please show the work not just the answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165248

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