The actuary for the pension plan of Pharoah Inc. calculated the following net gains and losses. Incurred during the Year 2025 Other information about the company's pension obligation and plan assets is as follows. As of January 1, 2025 2026 2027 2028 Year 2026 2025 2027 2026 2028 2027 2028 (Gain) or Loss $301,050 476,000 (209,300) (287.700) Projected Benefit Obligation $4,027.200 4,507,600 5,029,300 Pharoah 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 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. 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 4.200480 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 2025, 2026 2027, and 2028. Apply the "corridor approach in determining the amount to be amortized each year. (Round answers to 0 decimal places, 2,500) Plan Assets (market-related asset value) $2.403.600 2,187,600 2.602.800 Projected Beneht Obligation 3.026.800 Plan Assets 11 Corridor Accumulated OCI (G/L)
The actuary for the pension plan of Pharoah Inc. calculated the following net gains and losses. Incurred during the Year 2025 Other information about the company's pension obligation and plan assets is as follows. As of January 1, 2025 2026 2027 2028 Year 2026 2025 2027 2026 2028 2027 2028 (Gain) or Loss $301,050 476,000 (209,300) (287.700) Projected Benefit Obligation $4,027.200 4,507,600 5,029,300 Pharoah 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 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. 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 4.200480 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 2025, 2026 2027, and 2028. Apply the "corridor approach in determining the amount to be amortized each year. (Round answers to 0 decimal places, 2,500) Plan Assets (market-related asset value) $2.403.600 2,187,600 2.602.800 Projected Beneht Obligation 3.026.800 Plan Assets 11 Corridor Accumulated OCI (G/L)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 7E
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning