Question
The following information relates to Brittany Inc.'s three defined benefit plans on December 31, 2020. Assume all amounts are noncurrent. Plan #1 PBO $100,000 ABO
The following information relates to Brittany Inc.'s three defined benefit plans on December 31, 2020. Assume all amounts are noncurrent.
| Plan #1 | |
|---|---|
| PBO | $100,000 |
| ABO | 60,000 |
| Plan assets at fair value | 80,000 |
| Plan #2 | |
|---|---|
| PBO | $540,000 |
| ABO | 450,000 |
| Plan assets at fair value | 600,000 |
| Plan #3 | |
|---|---|
| PBO | $85,000 |
| ABO | 50,000 |
| Plan assets at fair value | 95,000 |
Determine how the three defined benefit plans would be reported on Brittany Inc.'s balance sheet on December 31, 2020.
| Balance Sheet | |
|---|---|
| December 31, 2020 | |
| Noncurrent assets | |
| Net pension asset | Answer |
| Noncurrent liabilities | |
| Net pension liability | Answer |
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Horngrens Accounting
Authors: Tracie Miller Nobles, Brenda Mattison
13th Edition
0135982235, 9780135982235
