Prepare the note disclosing the components of pension expense for the year
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Prepare the note disclosing the components of pension expense for the year

E20-9B (Disclosures: Pension Expense and Other Comprehensive Income) Ocean Air provides the following information related to its defined-benefit pension plan.


Instructions

(a) Prepare the note disclosing the components of pension expense for the year 2017.

(b) Determine the amounts of other comprehensive income and comprehensive income for 2017. Net income for 2017 is $400,000.

(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2017.

Hint
Accounts and Finance Pension expense is defined as the quantity that a corporate charge to the expense relative to liabilities for pensions owed to workers. Pension varies, depending upon whether the original pension is a well-defined benefit plan. Components of pension expense comprises of service cost, interest cost, gains and losses, return on plan asset and amortization of prior service c...

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