Question
Chapter 17 (6.) Pension data for Millington Enterprises include the following: ($ in millions) Discount rate, 10% Projected benefit obligation, January 1 $ 430 Projected
Chapter 17 (6.)
Pension data for Millington Enterprises include the following:
| ($ in millions) | |||
| Discount rate, 10% | |||
| Projected benefit obligation, January 1 | $ | 430 | |
| Projected benefit obligation, December 31 | 535 | ||
| Accumulated benefit obligation, January 1 | 370 | ||
| Accumulated benefit obligation, December 31 | 485 | ||
| Cash contributions to pension fund, December 31 | 220 | ||
| Benefit payments to retirees, December 31 | 68 | ||
Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.
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Auditor Independence Auditing Corporate Governance And Market Confidence
Authors: Ismail Adelopo
1st Edition
1409434702, 978-1409434702
