Problem
Nash Company sponsors a defined benefit plan for its 100 employees. On January 1, 2017, the company's actuary provided the following information.
Accumlated other comprehensive loss (PSC 148200
Pension Plan Assets 200100
Accumulated Benefit Obligation 258100
Projected Benefit Obligation 378000
The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2017, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $49,000; the projected benefit obligation was $493,800; fair value of pension assets was $279,100; the accumulated benefit obligation amounted to $367,000. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $10,600. The company's current year's contribution to the pension plan amounted to $68,400. No benefits were paid during the year.
Determine the components of pension expense that the company would recognize in 2017. (With only one year involved, you need not prepare a worksheet.)?
Prepare the journal entry to record the pension expense and the company's funding of the pension plan in 2017?
Compute the amount of the 2017 increase/decrease in gains or losses and the amount to be amortized in 2017 and 2018?
2017 Gain/loss amount?
Amortization in 2017?
Amortization in 2018?
Indicate the pension amounts reported in the financial statement as of December 31, 2017.
Partial Income Statement?
Comprehensive Income Statement?
Balance Sheet Partial?