Business, 15.04.2020 00:45 caleb258

Cullumber Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2021:

Service cost for 2021 $ 24,200
Accumulated benefit obligation 675,000
Plan assets at fair value 622,000
Accumulated OCI (PSC) 292,000
Vested benefit obligation 497,000
Market-related asset value 717,000
Projected benefit obligation 839,000
Accumulated OCI net gain 88,600
Interest on projected benefit obligation 56,000

Instructions:
1. Calculate the pension asset/liability to be recorded at December 31, 2021. Show your calculations.
2. Calculate the 2022 amortization of the net gain. The average remaining service life of employees is 10 years. Show your calculations.

Answers: 3

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