(Disclosures: Pension Expense and Other Comprehensive Income) Taveras Enterprises provides the following information relative to its defined benefit pension plan.
|
Balances or Values at December 31, 2012 |
|
|
Projected benefit obligation |
$2,737,000 |
|
Accumulated benefit obligation |
1,980,000 |
|
Fair value of plan assets |
2,278,329 |
|
Accumulated OCI (PSC) |
210,000 |
|
Accumulated OCI—Net loss (1/1/12 balance, –0–) |
45,680 |
|
Pension liability |
458,671 |
|
Other pension plan data: |
|
|
Service cost for 2012 |
94,000 |
|
Prior service cost amortization for 2012 |
42,000 |
|
Actual return on plan assets in 2012 |
130,000 |
|
Expected return on plan assets in 2012 |
175,680 |
|
Interest on January 1, 2012, projected benefit obligation |
253,000 |
|
Contributions to plan in 2012 |
93,329 |
|
Benefits paid |
140,000 |
Instructions
(a) Prepare the note disclosing the components of pension expense for the year 2012.
(b) Determine the amounts of other comprehensive income and comprehensive income for 2012. Net income for 2012 is $35,000.
(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2012.