Reference no: EM132386262
Question
Arasota Enterprises provides the following information relative to its defined benefit pension plan.
Balances or Values at December 31, 2017:
Projected benefit obligation $2,755,300
Accumulated benefit obligation 1,962,500
Fair value of plan assets 2,261,000
Accumulated OCI (PSC) 209,600
Accumulated OCI-Net loss (1/1/17 balance, 0) 45,800
Pension liability 494,300
Other pension plan data for 2017:
Service cost $94,400
Prior service cost amortization 42,400
Actual return on plan assets 129,700
Expected return on plan assets 175,500
Interest on January 1, 2017, projected benefit obligation 252,000
Contributions to plan 94,100
Benefits paid 139,000
a.) Prepare the note disclosing the components of pension expense for the year 2017.
b.) Determine the amounts of other comprehensive income and comprehensive income for 2017. Net income for 2017 is $35,000.
c.) Compute the amount of accumulated other comprehensive income reported at December 31, 2017.