AC 302 WEEK 5 Exercise 20 Question 12

AC 302 WEEK 5 Exercise 20 Question 12
Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company- defined benefit pension plan for the year ended December 31, 2014.
		January 1, 2014		December 31, 2014
Projected benefit obligation		$1,421,800		$1,450,900	
Market-related and fair value of plan assets		853,600		1,211,560	
Accumulated benefit obligation		1,434,900		1,555,690	
Accumulated OCI (G/L)—Net gain		0		(192,180	)

The service cost component of pension expense for employee services rendered in the current year amounted to $79,100 and the amortization of prior service cost was $120,790. The company- actual funding (contributions) of the plan in 2014 amounted to $272,600. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,207,900 on January 1, 2014. Assume no benefits paid in 2014.

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