The following data are for the pension plan for the employees of Pharoah Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5300000 $ 5410000 $ 6990000 Projected benefit obligation 5600000 5660000 7540000 Plan assets (at fair value) 4760000 6160000 6640000 AOCL – net loss 959000 1090000 Settlement rate (for year) 9% 8% Expected rate of return (for year) 7% 6% Pharoah's contribution was $863000 in 2021 and benefits paid were $744000. Pharoah estimates that the average remaining service life is 15 years. The actual return on plan assets in 2021 was O $361000. O $251000. O $250000. O $480000.
The following data are for the pension plan for the employees of Pharoah Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5300000 $ 5410000 $ 6990000 Projected benefit obligation 5600000 5660000 7540000 Plan assets (at fair value) 4760000 6160000 6640000 AOCL – net loss 959000 1090000 Settlement rate (for year) 9% 8% Expected rate of return (for year) 7% 6% Pharoah's contribution was $863000 in 2021 and benefits paid were $744000. Pharoah estimates that the average remaining service life is 15 years. The actual return on plan assets in 2021 was O $361000. O $251000. O $250000. O $480000.
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 7E
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