Question
Hello I have an accounting question The following information regarding Buffalo Ltd.s defined benefit pension plan was taken from the companys records for 2020: Defined
Hello I have an accounting question
The following information regarding Buffalo Ltd.s defined benefit pension plan was taken from the companys records for 2020:
Defined Benefit Obligation, January 1 | $9,876,000 | |
Actual return on plan assets | 441,000 | |
Benefits paid to retirees | 851,000 | |
Current year service cost | 1,210,000 | |
Interest cost | 494,000 | |
Employer contributions for the year | 1,004,000 | |
Pension Plan Assets, January 1 | 8,783,000
|
Prepare a continuity schedule for the DBO for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Prepare a continuity schedule for the plan assets for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Is the pension plan overfunded or underfunded for the year ended December 31, 2020? By how much?
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