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Exercise 20-7 The following defined pension data of Novak Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension
Exercise 20-7 The following defined pension data of Novak Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Novak Corp., through plan amendment, $504,000 489,500 14,500 grants prior service benefits having a present value of Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 126,000 9% 55,000 68,300 48,600 36,300 16,600
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