Reference no: EM132733815
Question - Vaughn Enterprises provides the following information relative to its defined benefit pension plan.
Balances or Values at December 31, 2020
Projected benefit obligation $2,726,600
Accumulated benefit obligation 1,982,100
Fair value of plan assets 2,293,300
Accumulated OCI (PSC) 208,700
Accumulated OCI-Net loss (1/1/20 balance, 0) 45,700
Pension liability 433,300
Other pension plan data for 2020:
Service cost $94,700
Prior service cost amortization 42,100
Actual return on plan assets 129,100
Expected return on plan assets 174,800
Interest on January 1, 2020, projected benefit obligation 252,800
Contributions to plan 93,100
Benefits paid 138,800
Required -
(a) Prepare the note disclosing the components of pension expense for the year 2020.
(b) Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,000.