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Please be detailed The following data relate to Ramesh Company's defined benefit pension plan: 56 ($ in millions) Plan assets at fair value, January 1
Please be detailed
The following data relate to Ramesh Company's defined benefit pension plan: 56 ($ in millions) Plan assets at fair value, January 1 S 700 Projected benefit obligation, January 1 510 Expected return on plan assets 70 Actual return on plan assets Service Cost 180 Interest rate is 10% Contributions to the pension fund (end of year) Amortization of net loss Amortization of prior service cost Pension benefits paid (end of year) Required: a. Determine the amount of pension plan assets at fair value on December 31 (5 points). b. Determine the amount of projected benefit obligation on December 31 (5 points). c. Compare your answers to Requirement a and b above, what's the status of Ramesh's pension plan, overfunded or underfunded d. Determine the amount of pension expense during this year (5 points)Step by Step Solution
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