Use the following information for questions 80through 84.The following information relates to the pension plan for the employees of TurnerCo.:1/1/10 12/31/10 12/31/11Accum. benefit obligation$5,280,000$5,520,000$7,200,000Projected benefit obligation5,580,0005,976,0008,004,000Fair value of plan assets5,100,0006,240,0006,888,000AOCI’net (gain) or loss 0 (864,000)(960,000)Settlement rate (for year)11%11%Expected rate of return (for year)8%7%Turnerestimates that the average remaining service life is 16 years. Turner’s contribution was$756,000in 2011and benefits paid were $564,000.80.The interest cost for 2011isa.$537,840.b.$607,200.c.$657,360.d.$880,440.81.The actual return on plan assets in 2011isa.$408,000.b.$456,000.c.$588,000.d.$648,000.
Accounting for Pensions and Postretirement Benefits
20 1982.The unexpected gain or loss on plan assets in 2011isa.$39,360 loss.b.$22,560 gain.c.$19,200gain.d.$214,560 gain.83.The corridor for 2011isa.$619,200.b.$624,000.c.$678,000.d.$800,400.84.The amount of AOCI(net gain)amortized in 2011isa.$15,300.b.$15,000.c.$11,626.d.$9,977
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