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Solution Library
Calculation Of Amount Of AOCI Amortization
Question
The following information relates to the pension plan for the employees of Turner Co.: Turner estimates that the average remaining service life is 16 years. Turner's contribution was $378,000 in 2013 and benefits paid were $282,000.
|
|
1/1/12 |
1/1/13 |
1/1/14 |
|
Projected benefit obligation |
2,790,000 |
2,988,000 |
4,002,000 |
|
Fair value of plan assets |
2,550,000 |
3,120,000 |
3,444,000 |
|
AOCI- net (gain) or loss |
-0- |
(432,000) |
(480,000) |
|
Settlement rate (for year) |
|
11% |
11% |
|
Expected rate of return (for year) |
8% |
7% |
|
Turner estimates that the average remaining service life is 16 years. Turner's contribution was $378,000 in 2013 and benefits paid were $282,000.
To calculate the amount of AOCI (net gain) amortization in 2013, the corridor we should use is
a. 10% of 2,988,000.
b. 10% of 3,120,000
c. 10% Of 3,444,000
d. 10% of 4,002,000
Summary
The question belongs to Accounting and it discusses about calculation of amount of AOCI amortization for the year.
Total Word Count 24
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