Reference no: EM131797444
Question - Disclosures: Pension Expense and Other Comprehensive Income
Taveras Enterprises provides the following information relative to its defined benefit pension plan.
Balances of Values at December 31, 2010
Projected benefit obligation $2,797,300
Accumulated benefit obligation 1,983,500
Fair value of plan assets 2,298,500
Accumulated OCI (PSC) 210,200
Accumulated OCI - Net loss (1/1/10 balance -0-) 45,790
Pension liability 242,810
Other pension plan data
Service cost for 2010 $94,200
Prior service cost amortization for 2010 51,100
Actual return on plan assets in 2010 130,000
Expected return on plan assets in 2010 184,250
Interest on January 1, 2010 projected benefit obligation 255,780
Contributions to the plan in 2010 94,174
Benefits paid 140,000
(a) Prepare the note disclosing the components of pension expense for the year 2010. (For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).)
(b) Determine the amounts of other comprehensive income and comprehensive income for 2010. Net income for 2010 is $35,150.
(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2010.