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(Gains and Losses, Corridor Amortization) Vickie Plato, accounting clerk in the personnel office of Streisand Corp., has begun to compute pension expense for 2012 but is not sure whether or not she should include the amortization of unrecognized gains/losses. She is currently working with the following beginning-of-the-year present values for the projected benefit obligation and market-relatedvalues for the pension plan:
The average remaining service life per employee in 2009 and 2010 is 10 years and in 2011 and 2012 is 12 years. The net gain or loss that occurred during each year is as follows. (In working the solution, you must aggregate the unrecognized gains and losses to arrive at year-end balances.)
You are the manager in charge of accounting. Write a memo to Vickie Plato, explaining why in some years she must amortize some of the net gains and losses and in other years she does not need to. In order to explain this situation fully, you must compute the amount of net gain or loss that is amortized and charged to pension expense in each of the 4 years listed above. Include an appropriate amortization schedule, referring to it when ever necessary.
under us gaap extraordinary items and discontinued operations are separately presented in the income statement
Suppose Adobe considers the shares it buys back to be retired rather than treated as treasury stock. Prepare the appropriate journal entry to record the purchase.
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Garr Co. issued $4,220,000 of 12%, 5-year convertible bonds on December 1, 2014 for $4,237,830 plus accrued interest. The bonds were dated April 1, 2014 with interest payable April 1 and October 1. Bond premium is amortized each interest perio..
Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang in 2011. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs.
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Data for Gundy Company are given in BE10-4. In March 2014, the company incurs the following costs in producing 100,000 units: direct materials $525,000, direct labor $596,000, and variable overhead $805,000. Actual fixed costs were equal to budget..
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hanson company is constructing a building. construction began on february 1 and was completed on december 31.
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