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Determine the amounts of other comprehensive income

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Question - Swifty Enterprises provides the following information relative to its defined benefit pension plan.

Balances or Values at December 31, 2020

Projected benefit obligation $2,725,900

Accumulated benefit obligation 1,990,000

Fair value of plan assets 2,270,800

Accumulated OCI (PSC) 210,400

Accumulated OCI-Net loss (1/1/20 balance, 0) 45,800

Pension liability 455,100

Other pension plan data for 2020:

Service cost $93,300

Prior service cost amortization 42,200

Actual return on plan assets 130,800

Expected return on plan assets 176,600

Interest on January 1, 2020, projected benefit obligation 253,000

Contributions to plan 94,300

Benefits paid 139,500

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.

(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2020.

Reference no: EM133106701

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