Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Flint Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $200,700; projected
Flint Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $200,700; projected benefit obligation $253,000. Other data relating to 3 years' operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,000 $19,100 $25,900 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,300 22,120 23,500 Annual funding (contributions) 16,000 39,700 48.700 Benefits paid 13,800 16,600. 20,700 Prior service cost (plan amended, 1/1/20) 160,500 Amortization of prior service cost 55,000 41,600 Change in actuarial assumptions establishes a December 31, 2021. projected benefit obligation of 519,300
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started