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16 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation    2,600,000 Fair value of plan asset 3,000,000   The following information for 2021 is also provided: Service cost    800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9%   How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet? Group of answer choices 400,000 accrued 346,000 prepaid 346,000 accrued 400,000 prepaid

16 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation    2,600,000 Fair value of plan asset 3,000,000   The following information for 2021 is also provided: Service cost    800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9%   How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet? Group of answer choices 400,000 accrued 346,000 prepaid 346,000 accrued 400,000 prepaid

Financial Reporting, Financial Statement Analysis and Valuation
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter9: Operating Activities
Section: Chapter Questions
Problem 13QE
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16

The memorandum records of Galindez Trading at January 1, 2021 show the following data:

Define Benefit Obligation

   2,600,000

Fair value of plan asset

3,000,000

 

The following information for 2021 is also provided:

Service cost

   800,000

Actual return on plan assets

300,000

Benefits paid

350,000

Contributions to the plan

780,000

Actuarial loss on remeasurement of defined benefit obligation

100,000

Discount rate

9%

 

How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet?

Group of answer choices
400,000 accrued
346,000 prepaid
346,000 accrued
400,000 prepaid
 
 
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