Current Attempt in Progress The actuary for the pension plan of Bridgeport Inc. calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 As of January 1, 2020 2021 Other information about the company's pension obligation and plan assets is as follows. 2022 2023 2020 2021 2022 2023 Save for Later (Gain) or Loss Projected Benefit Obligation $ $298,100 $ 478,900 Year Minimum Amortization of (Gain) Loss $ (210,400) (288,600) $ eTextbook and Media Bridgeport Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market- related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, e.g. 2,500.) $3,980,100 4,537,600 5,019,800 4,216,300 Plan Assets (market-related asset value) $2,394,500 2,205,600 2,582,700 3,042,800 Attempts: 0 of 3 used Submit Answer
Current Attempt in Progress The actuary for the pension plan of Bridgeport Inc. calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 As of January 1, 2020 2021 Other information about the company's pension obligation and plan assets is as follows. 2022 2023 2020 2021 2022 2023 Save for Later (Gain) or Loss Projected Benefit Obligation $ $298,100 $ 478,900 Year Minimum Amortization of (Gain) Loss $ (210,400) (288,600) $ eTextbook and Media Bridgeport Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market- related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round answers to O decimal places, e.g. 2,500.) $3,980,100 4,537,600 5,019,800 4,216,300 Plan Assets (market-related asset value) $2,394,500 2,205,600 2,582,700 3,042,800 Attempts: 0 of 3 used Submit Answer
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 7RE
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Transcribed Image Text:Current Attempt in Progress
The actuary for the pension plan of Bridgeport Inc. calculated the following net gains and losses.
Incurred during the Year
2020
2021
2022
2023
As of January 1,
Other information about the company's pension obligation and plan assets is as follows.
2020
2021
2022
2023
2020
2021
2022
2023
Projected Benefit
Obligation
Save for Later
(Gain) or Loss
$298,100
478,900
$
(210,400)
(288,600)
Year Minimum Amortization of (Gain) Loss
$
Bridgeport Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years
for all participating employees is 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-
related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee
as the basis for amortization.
$
Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the
years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in determining the amount to be amortized each year. (Round
answers to O decimal places, e.g. 2,500.)
$
eTextbook and Media
$3,980,100
4,537,600
5,019,800
4,216,300
Plan Assets
(market-related asset value)
$2,394,500
2,205,600
2,582,700
3,042,800
Attempts: 0 of 3 used Submit Answer
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