Exercise 20-13 Erickson Company sponsors a defined benefit pension plan. The corporation's actuary provides the...
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Exercise 20-13 Erickson Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2014 December 31, 2014 Vested benefit obligation $2,460 $1,950 1,950 4,030 Accumulated benefit obligation Projected benefit obligation 2,470 3,290 Plan assets (fair value) 1,540 2,550 Settlement rate and expected rate of return 10 930 Pension asset/liability Service cost for the year 2014 420 Contributions (funding in 2014) 890 Benefits paid in 2014 330 (a) Compute the actual return on the plan assets in 2014. Actual return on the plan assets (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2014. (Assume the January 1, 2014, balance was zero (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net pension liability gains and losses
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