Projected benefit obligation
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 $536,000Fair value of plan assets 804,000
Other data related to the pension plan for 2021 are:
| Amortization of accumulated OCI-loss | $76,000 |
| Decrease in projected benefit obligation due to changes in actuarial assumptions |
165,000 |
| Service cost | 311,840 |
| Interest cost | 218,000 |
| Amortization of prior service costs | 133,000 |
| Contributions | 475,000 |
| Benefits paid | 272,740 |
| Actual return on plan assets | 398,000 |
| Expected return on plan assets | 406,000 |
The balance of the projected benefit obligation at December 31, 2021 is $__________.
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