Norton Co. had the following amounts related to its pension plan in 2020. Actuarial liability loss for 2020 $28,0000,0 Unexpected asset gain for 2020 18,0000,0 Accumulated other comprehensive income (G/L) (beginning balance) 7,000 Cr. Determine for 2020 (a) Norton's other comprehensive income (loss) and (b) comprehensive income. Net income for 2020 is $26,000; no amortization of gain or loss is necessary in 2020.
Norton Co. had the following amounts related to its pension plan in 2020. Actuarial liability loss for 2020 $28,0000,0 Unexpected asset gain for 2020 18,0000,0 Accumulated other comprehensive income (G/L) (beginning balance) 7,000 Cr. Determine for 2020 (a) Norton's other comprehensive income (loss) and (b) comprehensive income. Net income for 2020 is $26,000; no amortization of gain or loss is necessary in 2020.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 7E
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Norton Co. had the following amounts related to its pension plan in 2020.
Actuarial liability loss for 2020 |
$28,0000,0
|
Unexpected asset gain for 2020 |
18,0000,0
|
Accumulated other comprehensive income (G/L) (beginning balance) |
7,000 Cr.
|
Determine for 2020 (a) Norton's other comprehensive income (loss) and (b) comprehensive income. Net income for 2020 is $26,000; no amortization of gain or loss is necessary in 2020.
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