The following information is provided regarding a company's defined benefit pension plan. The projected benefit obligation (PBO)
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The following information is provided regarding a company's defined benefit pension plan. The projected benefit obligation (PBO) was $600,000 at the beginning of the current year. During the year, pension benefits paid were $165,000, service cost for the year was $210,000, and a plan amendment retroactive to the beginning of the year increased the PBO by $50,000. The settlement rate for the plan for the year was estimated at 4%. Determine the ending balance of the PBO for the current year.
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Related Book For
Intermediate Accounting
ISBN: 978-0134730370
2nd edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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