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on january 1, 2020, dundee corporation amended its pension plan to increase pension benefits. the associated prior service costs were $1,000,000, and the average remaining service period at the time of the amendment was 10 years. the corridor was $300,000. for the year ended december 31, 2020, the net effect on other comprehensive income for the prior service costs would be

Sagot :

For the 2020 fiscal year ending on December 31, the past service expenses' net impact on other comprehensive income would be a $100,000 increase in pension expense.

Prior Service Costs / Future Service Years x 2020 Service Years = ($160,000/2,000)*350 Prior Service Costs of Amortization for 2020

= 80*350 \s= 100,000

Net income and unrealized income, such as profits or losses on derivative and hedging financial instruments and gains or losses from foreign currency transactions, are both included in comprehensive income. It offers a comprehensive view of a company's earnings that is not entirely represented on the income statement.

Under "accumulated other comprehensive income" of the shareholders' equity section, income that is not included in the income statement is disclosed. Comprehensive income is used to cover a sum of all operating and financial events that have an impact on the interests of non-owners in a company.

Learn more about comprehensive income here

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