Question
On January 1, 2020, a company has the following balances: Projected benefit obligation $6440 Fair value of plan assets 1590 The settlement rate is 10%.
On January 1, 2020, a company has the following balances: Projected benefit obligation $6440 Fair value of plan assets 1590
The settlement rate is 10%. Other data related to the defined benefit pension plan for 2020 are:
Service cost $350 Amortization of prior service costs due to increase in benefits 190 Contributions 280 Benefits paid 120 Actual return on plan assets 210 Amortization of net gain 30
The fair value of plan assets at December 31, 2020 is ___________. (Hint: what transactions affect Plan Assets in the worksheets Plan Assets column?)
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