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Reconciliation of Beginning and Ending Pension Fund Balances
Refer to Practice 17-19. Prepare the note disclosure necessary to reconcile the beginning balance in the pension fund and the ending balance in the pension fund.
Reconciliation of Beginning and Ending PBO Balances
On January 1 of Year 1, the company had a projected benefit obligation (PBO) of $10,000 and a pension fund with a fair value of $9,200.Unrecognized prior service cost was $2,000; it was being amortized on a straight-line basis over the 5-year average remaining life of the affected employees. The balance in the unrecognized (or deferred) pension gain was $700. The following information relates to the pension plan during the year:
Service cost
$1,200
Actual return on the pension fund
$1,550
Benefits paid to retirees
$300
Contribution to the pension fund
$1,050
Discount rate for PBO
8%
Expected return on pension fund
11%
Prepare the note disclosure necessary to reconcile the beginning balance in the PBO and the ending balance in the PBO.
Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2011. The following expenses were incurred during the first tax year (July 1 through December 31, 2011) of operations.
The corporation's effective tax rate is expected to be 30 percent for all relevant years, and the corporation uses a 6 percent discount rate for all of its financial analyses.
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