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Norton Co. had the following amounts related to its pension plan in 2010.
Actuarial liability loss for 2010 $28,000
Unexpected asset gain for 2010 18,000
Accumulated other comprehensive income (G/L) (beginning balance) 7,000 Cr
Determine for 2010:
(a) Norton's other comprehensive income (loss), and
(b) comprehensive income. Net income for 2010 is $26,000; no amortization of gain or loss is necessary in 2010.
Compute the change in owner's equity during the year by using the accounting equation. Assume that there were no owner investments or withdrawals during the year. What is the probable cause of the change in owner's equity from part (a)?
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