Taveras Enterprises provides the following information relative to its defined b
ID: 2484363 • Letter: T
Question
Taveras Enterprises provides the following information relative to its defined benefit pension plan.
Balances or Values at December 31, 2014
(a) Prepare the note disclosing the components of pension expense for the year 2014. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Components of Pension Expense
(b) Determine the amounts of other comprehensive loss and comprehensive income for 2014. Net income for 2014 is $38,260. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2014.
Explanation / Answer
a. CALCULATION OF PERNSION OF PENSION EXPENSES FOR THE YEAR 2014
_______________________________________________________________________________________
SERVICE COST $ 96,710
PRIOR SERVICE COST AMORTIZATION 43,660
RETURN ON PLANT ASSETS
ACTUAL RETURN (137,610)
Unexpected loss (47,720)
INTEREST COST 258,490
TOTAL PENSION EXPENSES $213,530
b.
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