The following information for Blossom Enterprises is given below:       December 31, 2021   Assets and obligations           Plan assets (at fair value)     $840000     Accumulated benefit obligation     1360000     Projected benefit obligation     1450000   Other Items           Pension asset / liability, January 1, 2021     40000     Contributions     460000     Accumulated other comprehensive loss     753700   There were no actuarial gains or losses at January 1, 2021. The average remaining service life of employees is 10 years. What is the amount that Blossom Enterprises should report as its pension liability on its balance sheet as of December 31, 2021? $1360000 $90000 $1450000 $610000

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 1E
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The following information for Blossom Enterprises is given below:

      December 31, 2021  
Assets and obligations        
  Plan assets (at fair value)     $840000  
  Accumulated benefit obligation     1360000  
  Projected benefit obligation     1450000  
Other Items        
  Pension asset / liability, January 1, 2021     40000  
  Contributions     460000  
  Accumulated other comprehensive loss     753700  


There were no actuarial gains or losses at January 1, 2021. The average remaining service life of employees is 10 years.

What is the amount that Blossom Enterprises should report as its pension liability on its balance sheet as of December 31, 2021?

$1360000
$90000
$1450000
$610000
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