Question: Kenseth Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets.
|
|
Projected
Benefit
Obligation
|
|
Plan
Assets
Value
|
| 2013 |
|
$2,508,000 |
|
$2,382,600 |
| 2014 |
|
3,009,600 |
|
3,135,000 |
| 2015 |
|
3,699,300 |
|
3,260,400 |
| 2016 |
|
4,514,400 |
|
3,762,000 |
The average remaining service life per employee in 2013 and 2014 is 10 years and in 2015 and 2016 is 12 years. The net gain or loss that occurred during each year is as follows: 2013, $351,120 loss; 2014, $112,860 loss; 2015, $13,794 loss; and 2016, $31,350 gain.
Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule.
|
Year
|
|
Minimum Amortization of Loss
|
| 2013 |
|
$
|
| 2014 |
|
$
|
| 2015 |
|
$
|
| 2016 |
|
$
|