Use the Following Information for Questions

question 13

Multiple Choice

Use the following information for questions.
The following information relates to the pension plan for the employees of Turner Co.:

Turner estimates that the average remaining service life is 16 years.Turner's contribution was $756,000 in 2011 and benefits paid were $564,000.
-The unexpected gain or loss on plan assets in 2011 is

• A)$39,360 loss.
• B)$22,560 gain.
• C)$19,200 gain.
• D)$214,560 gain.

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Definitions:

Operating Segments

Parts of a company that engage in business activities yielding revenues and incurring expenses.

AASB 136 Impairment of Assets

A standard issued by the Australian Accounting Standards Board detailing the procedures for ensuring that assets are carried at no more than their recoverable amount, and how to record any impairment losses.

Impairment Losses

Financial losses recognized when the carrying amount of an asset exceeds its recoverable amount.