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Monty Enterprises provides the following information relative to its defined benefit pension plan

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Monty Enterprises provides the following information relative to its defined benefit pension plan.

 

Balances or Values at December 31, 2020

Projected benefit obligation $2,737,100

Accumulated benefit obligation 1,977,100

Fair value of plan assets 2,285,300

Accumulated OCI (PSC) 212,100

Accumulated OCI—Net loss (1/1/20 balance, 0) 46,200

Pension liability 451,800

Other pension plan data for 2020:

  Service cost $94,500

  Prior service cost amortization 42,300

  Actual return on plan assets 131,300

  Expected return on plan assets 177,500

  Interest on January 1, 2020, projected benefit obligation 254,200

  Contributions to plan 93,100

  Benefits paid 141,300

 

 

 

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(a)

 

   

Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).)

 

Components of Pension Expense

 

Service Cost

$94,500

 

Interest Cost

254,200

 

Prior Service Cost Amortization

42,300

 

Expected Return on Plan Assets

-177,500

 

  Pension Expense

$213,500

 

 

 

 

 

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(b)

Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $34,800. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

 

Other comprehensive income (loss)

$

Comprehensive income (loss)

$