The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit(Credit)PBO Plan Assets Prior Service Cost Net (Gain)/Loss Pension Expense Cash Net Pension (Liability)/ Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85) What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension liability of $58 million. Net pension asset of $41 million.
The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC).
($ in millions)
Debit(Credit)PBO Plan Assets Prior Service Cost Net
(Gain)/Loss Pension Expense Cash Net Pension (Liability)/
Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85)
What was the net pension asset/liability reported in the balance sheet at the end of the year?
Multiple Choice
Net pension liability of $41 million.
Net pension asset of $58 million.
Net pension liability of $58 million.
Net pension asset of $41 million.
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