Question
On January 1, 2015, Parks Co. has the following balances: Projected benefit obligation $4,200,000 Fair value of plan assets $3,750,000 The settlement rate is 10%.
On January 1, 2015, Parks Co. has the following balances:
Projected benefit obligation $4,200,000
Fair value of plan assets $3,750,000
The settlement rate is 10%. Other data related to the pension plan for 2015 are:
Service cost $240,000
Amortization of prior service costs $54,000
Contributions $270,000
Benefits paid $250,000
Actual return on plan assets $264,000
#7. The balance of the projected benefit obligation at December 31, 2015 is $
#8. The fair value of plan assets at December 31, 2015 is $
#9. The funded status of this pension as of December 31, 2015 is (Must indicate overfunded or underfunded and $$ amount)
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