A Company provided the following pension plan information: Projected benefit obligation – January 1, 2021 3,500,000 Fair value of plan assets – January 1, 2021 2,800,000 Pension benefits paid during the year 250,000 Current service cost for 2021 1,750,000 Past service cost for 2021 425,000 Actual return on plan assets 180,000 Contribution to the plan 1,500,000 Actuarial loss due to change in assumption on PBO 200,000 Discount or settlement rate 10% What is the fair value of plan assets on December 31, 2021?
A Company provided the following pension plan information: Projected benefit obligation – January 1, 2021 3,500,000 Fair value of plan assets – January 1, 2021 2,800,000 Pension benefits paid during the year 250,000 Current service cost for 2021 1,750,000 Past service cost for 2021 425,000 Actual return on plan assets 180,000 Contribution to the plan 1,500,000 Actuarial loss due to change in assumption on PBO 200,000 Discount or settlement rate 10% What is the fair value of plan assets on December 31, 2021?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 3RE: Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn...
Related questions
Question
A Company provided the following pension plan information:
|
Projected benefit obligation – January 1, 2021 |
3,500,000 |
|
Fair value of plan assets – January 1, 2021 |
2,800,000 |
|
Pension benefits paid during the year |
250,000 |
|
Current service cost for 2021 |
1,750,000 |
|
Past service cost for 2021 |
425,000 |
|
Actual return on plan assets |
180,000 |
|
Contribution to the plan |
1,500,000 |
|
Actuarial loss due to change in assumption on PBO |
200,000 |
|
Discount or settlement rate |
10% |
What is the fair value of plan assets on December 31, 2021?
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