On January 1, 2021, a company has the following balances for its defined-benefit plan: Projected benefit obligation $661,000Fair value of plan assets 392,000 Other data related to the pension plan for 2021 are: Amortization of accumulated OCI-loss $68,550 Increase in projected benefit obligation due to changes in actuarial assumptions 188,000 Contributions 482,000 Benefits paid 263,780 Service cost 307,140 Interest cost 222,000 Expected return on plan assets 443,000 Actual return on plan assets 82,350 Amortization of prior service costs 146,000 The fair value of plan assets at December 31, 2021 is $__________.
On January 1, 2021, a company has the following balances for its defined-benefit plan: Projected benefit obligation $661,000Fair value of plan assets 392,000 Other data related to the pension plan for 2021 are: Amortization of accumulated OCI-loss $68,550 Increase in projected benefit obligation due to changes in actuarial assumptions 188,000 Contributions 482,000 Benefits paid 263,780 Service cost 307,140 Interest cost 222,000 Expected return on plan assets 443,000 Actual return on plan assets 82,350 Amortization of prior service costs 146,000 The fair value of plan assets at December 31, 2021 is $__________.
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 2MC
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Question
On January 1, 2021, a company has the following balances for its defined-benefit plan:
Projected benefit obligation $661,000Fair value of plan assets 392,000
Other data related to the pension plan for 2021 are:
| Amortization of accumulated OCI-loss | $68,550 |
| Increase in projected benefit obligation due to changes in actuarial assumptions |
188,000 |
| Contributions | 482,000 |
| Benefits paid | 263,780 |
| Service cost | 307,140 |
| Interest cost | 222,000 |
| Expected return on plan assets | 443,000 |
| Actual return on plan assets | 82,350 |
| Amortization of prior service costs | 146,000 |
The fair value of plan assets at December 31, 2021 is $__________.
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