Question
On January 1, 2022, Parks Co. has the following balances: Projected benefit obligation $5,600,000 Fair value of plan assets 5,000,000 The settlement rate is 10%.
On January 1, 2022, Parks Co. has the following balances:
Projected benefit obligation $5,600,000
Fair value of plan assets 5,000,000
The settlement rate is 10%. Other data related to the pension plan for 2022 are:
Service cost $320,000
Amortization of prior service costs 72,000
Contributions 360,000
Benefits paid 335,000
Actual return on plan assets 352,000
Amortization of net gain 24,000
What would be the balance of the projected benefit obligation at December 31, 2022?
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Accounting For Non Accounting Students
Authors: John Dyson, Ellie Franklin
10th Edition
1292286938, 9781292286938
