Prepare a schedule which reflects the minimum amount of

Reference no: EM13604548

The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses. Incurred during the year (Gain) or loss 2012 $300,000 2013 480,000 2014 (210,000) 2015 (290,000) Other information about the company's pension obligation and plan assets is as follows. Projected Benefit Plan assets As of January 1 Project Benefit Obligation/ (market-related asset value) 2012 - $4,000,000/ $2,400,000 2013 -4,520,000/ 2,200,000 2014 -5,000,000/ 2,600,000 2015 -4,240,000 /3,040,000

Gustafson Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service- years for all participating employees is 5,600. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2012. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization.

Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2012, 2013, 2014, and 2015. Apply the "corridor" approach in determining the amount to be amortized each year.

Reference no: EM13604548

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