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Compute the amount of the other comprehensive income

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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.

Reference no: EM132431867

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