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Question 9BE

Intermediate Accounting (Kieso)
Found in: Page 1162

Short Answer

Norton Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 $28,000 Unexpected asset gain for 2017 18,000 Accumulated other comprehensive income (G/L) (beginning balance) 7,000 Cr. Determine for 2017 (a) Norton’s other comprehensive income (loss) and (b) comprehensive income. Net income for 2017 is $26,000; no amortization of gain or loss is necessary in 2017.

Comprehensive loss is a term used when the owner of an organization suffers a loss of money due to variation or fluctuations in the financial market. The amount of the organization’s net assets decreases.

See the step by step solution

Step by Step Solution

(a)Computation of Norton’s other comprehensive income/loss.



Actuarial liability loss


Add: Unexpected asset gain


Other comprehensive loss


(b) Computation of Norton’s comprehensive income.



Net Income


Less: Other comprehensive loss


Comprehensive Income


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