Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information pertains to Honn Corporation's defined benefit pension plan: ($ in thousands) 2024 Beginning balances 2025 Beginning balances Projected benefit obligation $ (7,600)

The following information pertains to Honn Corporation's defined benefit pension plan: ($ in thousands) 2024 Beginning balances 2025 Beginning balances Projected benefit obligation $ (7,600) $ (8,104) Plan assets 7,300 7,936 Prior service cost-AOCI 760 720 Net loss-AOCI $ 880 $ 960 At the end of 2024, Honn contributed $600 thousand to the pension fund and benefit payments of $754 thousand were made to retirees. The expected rate of return on plan assets was 12%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is Honn's 2024 actual return on plan assets? Multiple Choice $790 thousand $780 thousand $1,544 thousand None of these answer choices are correct

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

More Books

Students also viewed these Accounting questions