Question
Sunflower Corp has the following balances as of January 1, 2020 related to its defined benefit pension plan: Projected benefit obligation $3,600,000 Fair value of
Sunflower Corp has the following balances as of January 1, 2020 related to its defined benefit pension plan:
Projected benefit obligation $3,600,000
Fair value of plan assets 3,700,000
Additional data related to the pension plan for 2020 are:
Service cost $220,000
Amortization of prior service costs 54,000
Contributions 170,000
Benefits paid 292,000
Actual return on plan assets 264,000
Amortization of net gain 18,000
Settlement rate 5%
Expected rate of return on plan assets 8%
The balance of the projected benefit obligation at December 31, 2020 is:
A. $3,412,000 B. $3,444,000 C. $3,630,000 D. $3,708,000 E. None of the above
Use the information from question 3. The fair value of plan assets at December 31, 2020 is
| $3,842,000 | ||
| $3,874,000 | ||
| $3,964,000 | ||
| $4,134,000 | ||
| None of the above |
answers on chegg previously wrong/not completely correct. Please help
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Managerial Accounting
Authors: Libbey Phillips Whitecotton
2nd Edition
1259240908, 978-1259240904
