Reference no: EM132736285
Question - Monty Enterprises provides the following information relative to its defined benefit pension plan.
Balances or Values at December 31, 2020
Projected benefit obligation $2,737,100
Accumulated benefit obligation 1,977,100
Fair value of plan assets 2,285,300
Accumulated OCI (PSC) 212,100
Accumulated OCI-Net loss (1/1/20 balance, 0) 46,200
Pension liability 451,800
Other pension plan data for 2020:
Service cost $94,500
Prior service cost amortization 42,300
Actual return on plan assets 131,300
Expected return on plan assets 177,500
Interest on January 1, 2020, projected benefit obligation 254,200
Contributions to plan 93,100
Benefits paid 141,300
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 $34,800.
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