Smith, Inc. has a pension plan with the following data available for 2018 and 2019:...
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Accounting
Smith, Inc. has a pension plan with the following data available for 2018 and 2019:
| 2018 | 2019 | |||||
| Service cost | $ | 30,000 | $ | 34,000 | ||
| Interest cost | $ | 18,000 | $ | 20,000 | ||
| Actual return on plan assets | $ | 15,000 | $ | 21,600 | ||
| Beginning of year plan assets | $ | 200,000 | $ | 240,000 | ||
| Discount rate | 8 | % | 8 | % | ||
| Expected return on plan assets | 8 | % | 8 | % | ||
The adjustment to OCI for gain or loss from the return on plan assets for 2018 is:
Multiple Choice
unknown from information provided.
$1,000 loss.
$1,000 gain.
$0.
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