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This is the question provided. Please help ASAP. I don't need the steps just the solution please, as fast as you can !!! Presented below
This is the question provided. Please help ASAP. I don't need the steps just the solution please, as fast as you can !!!
Presented below is pension information related to Tayler, Inc. for the year:
Plan Assets (at January 1) | $ 3,200,000 |
Projected Benefit Obligation (at January 1) | 3,000,000 |
Service cost | 200,000 |
Amortization of prior service cost | 40,000 |
Amortization of unexpected loss | 20,000 |
Contributions to the plan | 45,000 |
Benefits paid | 80,000 |
Expected return on plan assets | 7% |
Actual return on plan assets | 10% |
Interest (discount) rate | 5% |
a. At January 1, Tayler's balance sheet shows a net Pension: | [ Select ] ["Liability", "Asset"] |
b. Tayler's pension expense for the year is: | [ Select ] ["$36,000", "$90,000", "$186,000", "$146,000"] |
c. At the end of the year, the balance in Plan Assets is: | [ Select ] ["$3,485,000", "$3,389,000", "$3,581,000", "$285,000"] |
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