Question
On January 1, 2021, Oriole Co. has the following balances: Projected benefit obligation $3050000 Fair value of plan assets 2550000 The settlement rate is 11%.
On January 1, 2021, Oriole Co. has the following balances:
| Projected benefit obligation | $3050000 | ||
| Fair value of plan assets | 2550000 |
The settlement rate is 11%. Other data related to the pension plan for 2021 are:
| Service cost | $291000 | ||
| Amortization of prior service costs due to increase in benefits | 91000 | ||
| Contributions | 491000 | ||
| Benefits paid | 216000 | ||
| Actual return on plan assets | 386000 | ||
| Amortization of net gain | 29100 |
The balance of the projected benefit obligation at December 31, 2021 is
a. 3385500
b. 3676500
c. 3412500
d. 3460500
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A Sneak Peek Into The Auditing World A Day Of An Auditor
Authors: Anupma Aggarwal, Adv (Dr.) Raj Kumar S Adukia
1st Edition
1648997074, 978-1648997075
