Question
Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year: Projected benefit obligation Balance, January 1 $150,000,000
Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year:
Projected benefit obligation
Balance, January 1 $150,000,000 Service cost . 25,000,000 Internet cost .. 15,000,000 Benefit paid (12,000,000) Balance, December 31 $178,000,000
Plan assets
Balance, January 1 $90,000,000 Actual return on plan assets 11,000,000 Contribution . 23,000,000 Benefit paid (12,000,000) Balance, December 31 $112,000,000
The expected long-term return on plan assets is 10%. There were no other relevant data for the year.
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