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Problem-
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%
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.
The unexpected gain or loss on plan assets in 2013 is
a. $19,680 loss.
b. $11,280 gain.
c. $9,600 gain.
d. $107,280 gain.
Additional information-
This problem belongs to Basics Accounting and it discusses about compute the unexpected gain or loss on plan assets for the year.
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