Reference no: EM133106701
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.