Graf Corp .' s 2005 income statement showed pretax accounting income of $ 200,000 . To compute the federal income tax liability , the following 2005 data are provided : If the alternate minimum tax provisions are ignored , what amount of current federal income tax liability should be included in Graf ' s December 31 , 2005 balance sheet ?
Question 8
The following information relates to a postretirement benefit plan ( in millions ): APBO beginning , $ 300Plan assets beginning , $ 100Net postretirement benefit gain , beginning , $ 20Amortization of net gain or loss is based on SL method , 10 year average remaining service periodPrior service cost , initial amount , recognized four years ago , $ 50Amortization of prior service cost is based on SL method , 10 year average remaining service periodService cost , $ 40Discount rate , 5 % Expected rate of return , 6 % Actual return , $ 10Change in estimated life expectancy caused a gain of $ 16 , year-endFunding contribution , $ 20 . What amount of net gain is subject to amortization next year ?
Question 9
Information about a postretirement benefit plan at the beginning of the current year is as follows ( in millions ). EPBO , $ 400Discount rate , 5 % Average years of service rendered toward full eligibility , 12Average years of service required to reach full eligibility , 20Plan assets , $ 120Expected and actual return , 10 %. Compute the reported postretirement benefit liability at year-end .