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Analyzing and Inter Analyn communications Inc. reports the following pension data in Note 12 to its 2014 10-K report ension Footnote-Funded and Reported Amounts LO4,
Analyzing and Inter Analyn communications Inc. reports the following pension data in Note 12 to its 2014 10-K report ension Footnote-Funded and Reported Amounts LO4, 5 T At December 31 ($ millions) Change in Benefit Obligations Verizon NYSE:: V2 Pension 2014 Service cost. nterest cost Plan amendments Actuarial loss (gain), net. Benefits paid and settlements . Curtailment and termination benefits. . ... $23,032 327 1,035 (89) 2,977 (1,973) End of year.. . . Change in Plan Assets Beginning of year.... 25,320 I return on plan assets.. Actual Company contributions. Benefits paid and settlements . ._ . 17,111 1,778 1,632 .. (1,973) 18,548 . .. Funded Status . $ (6.772) a. Describe what is meant by service cost and interest cost. b. What is the source of funds to make payments to retirees? c. Show the computation of Verizon's 2014 funded status. d. What net pension amount is reported on its 2014 balance sheet
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