The following information relates to the pension plan for the employees of Sunland Co.: 1/1/17 12/31/17...
The following information relates to the pension plan for the
employees of Sunland Co.:
| 1/1/17 | 12/31/17 | 12/31/18 | ||||||||||
| Accum. benefit obligation | $ | 9840000 | $ | 10260000 | $ | 13200000 | ||||||
| Projected benefit obligation | 10365000 | 11058000 | 14607000 | |||||||||
| Fair value of plan assets | 9525000 | 11520000 | 12654000 | |||||||||
| AOCI – net (gain) or loss | -0- | (1572000 | ) | (1740000 | ) | |||||||
| Settlement rate (for year) | 10% | 10% | ||||||||||
| Expected rate of return (for year) | 7% | 6% | ||||||||||
Sunland estimates that the average remaining service life is 16
years. Sunland's contribution was $1383000 in 2018 and benefits
paid were $1047000.
The corridor for 2018 is
Homework Answers
Corridor for 2018 = Fair value of plan assets at 12/31/17 x Settlement rate for 2017 = $11520000 x 10% = $1152000
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