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Problem 17-6 (Algo) Determine the PBO and plan assets; two years [LO17-3, 17-4, 17-5) 2 A company adopted a defined benefit pension plan on December
Problem 17-6 (Algo) Determine the PBO and plan assets; two years [LO17-3, 17-4, 17-5) 2 A company adopted a defined benefit pension plan on December 15, 2021. The provisions of the plan were not made retroactive to prior years. Service cost was $20 million for 2021 and $290 million for 2022. The actuary recommends 5% as the appropriate discount rate. 2 points Year-end funding was $30 million for 2021 and $220 million for 2022. The actual return on plan assets was 10%. No retiree benefits were paid eBook Required: Calculate the following amounts as of both December 31, 2021, and December 31, 2022: a. Projected benefit obligation. b. Plan assets. c. Net pension asset or net pension liability. (Enter your answers in millions (i.e., 5,000,000 should be entered as 5).) References 2021 2022 Calculate the following amounts. (Enter your answers in millions (i.e., 5,000,000 should be entered as 5).) December 31, 2022 a. Projected benefit obligation Plan assets b. C.
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