Question
Uncharted Corp. reports the following information (information provided in hundreds of thousands of dollars) to you about its defined benefit pension plan for 2018: Actual
Uncharted Corp. reports the following information (information provided in hundreds of thousands of dollars) to you about its defined benefit pension plan for 2018:
Actual return on plan assets | $17 |
Benefits paid to retirees | 12 |
Contributions from employer | 30 |
Cost of plan amendment in year | 20 |
Current service cost | 32 |
Interest cost | 14 |
Opening balance, defined benefit obligation (DBO) | 138 |
Opening balance, plan assets | 150 |
Required:
1. Provide the defined benefit obligation ending balance.
2. Provide a continuity schedule for the plan assets for the year. Is the plan in a surplus or a deficit position at the end of the year?
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