Question
The following information regarding Marigold Ltd.s defined benefit pension plan was taken from the companys records for 2020: Defined Benefit Obligation, January 1 $9,941,000 Actual
The following information regarding Marigold Ltd.s defined benefit pension plan was taken from the companys records for 2020:
Defined Benefit Obligation, January 1 | $9,941,000 | |
Actual return on plan assets | 434,000 | |
Benefits paid to retirees | 848,000 | |
Current year service cost | 1,210,000 | |
Interest cost | 496,000 | |
Employer contributions for the year | 998,000 | |
Pension Plan Assets, January 1 | 8,832,000 |
Prepare a continuity schedule for the DBO for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Actual Return on Plan AssetsBenefits Paid to RetireesDefined Benefit Obligation, January 1Interest CostDefined Benefit Obligation, December 31Current Year Service Cost | $ | |
Interest CostDefined Benefit Obligation, January 1Actual Return on Plan AssetsCurrent Year Service CostBenefits Paid to RetireesDefined Benefit Obligation, December 31 | ||
Defined Benefit Obligation, January 1Actual Return on Plan AssetsCurrent Year Service CostInterest CostDefined Benefit Obligation, December 31Benefits Paid to Retirees | ||
Current Year Service CostDefined Benefit Obligation, December 31Actual Return on Plan AssetsDefined Benefit Obligation, January 1Benefits Paid to RetireesInterest Cost | ||
Defined Benefit Obligation, January 1Interest CostBenefits Paid to RetireesActual Return on Plan AssetsCurrent Year Service CostDefined Benefit Obligation, December 31 | $ |
Prepare a continuity schedule for the plan assets for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Benefits Paid to RetireesEmployer Contributions for the YearCurrent Year Service CostPension Plan Assets, December 31Actual Return on Plan AssetsPension Plan Assets, January 1 | $ | |
Current Year Service CostEmployer Contributions for the YearPension Plan Assets, December 31Actual Return on Plan AssetsBenefits Paid to RetireesPension Plan Assets, January 1 | ||
Pension Plan Assets, January 1Actual Return on Plan AssetsEmployer Contributions for the YearPension Plan Assets, December 31Current Year Service CostBenefits Paid to Retirees | ||
Actual Return on Plan AssetsCurrent Year Service CostEmployer Contributions for the YearBenefits Paid to RetireesPension Plan Assets, December 31Pension Plan Assets, January 1 | ||
Actual Return on Plan AssetsEmployer Contributions for the YearBenefits Paid to RetireesCurrent Year Service CostPension Plan Assets, January 1Pension Plan Assets, December 31 | $ |
Is the pension plan overfunded or underfunded for the year ended December 31, 2020? By how much?
The pension plan is Choose the answer from the menu in accordance to the question statement overfundedunderfunded by $Enter your answer in accordance to the question statement . |
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