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CEVI 4. What is the net pension asset or net pension liability at the end of 2018 NOTE: QUESTION IS ASKING ABOUT THE FUNDA STATUS. SEE MY NDIES ON PAGE 2 #5 BASICALLY GIVE THE AMOUNT & DETERMINE IF THAT AMIDUNT IS AN ASSET OR LIABILITY. 1 Determine the pension expense of 2018: Particulars Amount $60,000 Service cost Add: interest cost (320,000 x 5%) Less: return on plan assets (400,000 x9%) Pension Expense $16,000 ($36,000) $40,000 The Pension expense at the end of the year is $40,000 2. Determine the projected benefit obligation of 2018: Particulars Amount Projected benefit Obligation on Jan. 1 2018 Add: Service cost $320,000 $60,000 $16,000 Add: Interest cost (320,000 x5%) Less: Benefits paid ($44,000) $352,000 PBO at the end of the year 3. Determine plan assets for 2018: Particulars Amount Plan assets Jan. 1 2018 $400,000 $36,000 Add: Actual return on plan assets ($320,000 x5%) Add: Contribution made $120,000 Less: benefits paid PBO at the end of the year ($44,000) $512,000 4. Determine net pension assets or net pension liability for 2018: Particulars Amount Less: Projected pension obligation ending $512,000 ($352,000) $160,000 Net pension assets at the end of the year The pension assets are $160,000 U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2017 Plan assets. $400,000 Projected benefit obligation....... ..320,000 U.S.M.'s actuary determined that 2018 service cost is $60,000. Both the expected and actual rate of return on plan assets are 9%. The interest (discount) rate is 5%. U.S.M. contributed $120,000 to the pension fund at the end of 2018, and retirees were paid $44,000 from plan assets. Required: 1. What is the pension expense at the end of 2018? 2. What is the projected benefit obligation at the end of 2018? 3. What is the plan assets balance at the end of 2018? 4. What is the net pension asset or net pension liability at the end of 2018? *$480,UUU = the greater Ul 10% between the beginning FV of plan aset & begin PBO 5. Funded status = Ending FV of Plan Asset - Ending PBO If FV of Ending Plan Asset is more than Ending PBO the pension plan is overfunded; so the overfunded amount is generally reported on the balance sheet as a noncurrent asset. If FV of Ending Plan Asset is less than Ending PBO the pension plan is underfunded; so the underfunded amount is generally reported on the balance sheet as a current liability