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Question - Sage Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan.
January 1, 2017
December 31, 2017
Vested benefit obligation
$1,560
$2,020
Accumulated benefit obligation
2,020
2,780
Projected benefit obligation
2,620
3,290
Plan assets (fair value)
1,860
2,690
Settlement rate and expected rate of return
10%
Pension asset/liability
760
?
Service cost for the year 2017
410
Contributions (funding in 2017)
750
Benefits paid in 2017
190
Required -
(a) Compute the actual return on the plan assets in 2017.
(b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2017. (Assume the January 1, 2017, balance was zero.)
(c) Compute the amount of net gain or loss amortization for 2017 (corridor approach).
(d) Compute pension expense for 2017.
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