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The memorandum records ofGalindezTrading at January 1, 2021 show the following data:    Define Benefit Obligation     2,600,000  Fair value of plan asset  3,000,000     The following information for 2021 is also provided:    Service cost     800,000  Actual return on plan assets  300,000  Benefits paid  350,000  Contributions to the plan  780,000  Actuarial loss on remeasurement of defined benefit obligation  100,000  Discount rate  9%     What are the balances of Benefit Obligation and Plan Asset at December 31, 2021?  Group of answer choices  3,184,000 3,730,000  3,184,000 3,700,000  3,384,000 3,730,000  3,384,000 3,700,000

The memorandum records ofGalindezTrading at January 1, 2021 show the following data:    Define Benefit Obligation     2,600,000  Fair value of plan asset  3,000,000     The following information for 2021 is also provided:    Service cost     800,000  Actual return on plan assets  300,000  Benefits paid  350,000  Contributions to the plan  780,000  Actuarial loss on remeasurement of defined benefit obligation  100,000  Discount rate  9%     What are the balances of Benefit Obligation and Plan Asset at December 31, 2021?  Group of answer choices  3,184,000 3,730,000  3,184,000 3,700,000  3,384,000 3,730,000  3,384,000 3,700,000

Intermediate Accounting: Reporting And Analysis
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 6RE
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  1. The memorandum records ofGalindezTrading at January 1, 2021 show the following data: 

 

Define Benefit Obligation 

   2,600,000 

Fair value of plan asset 

3,000,000 

  

The following information for 2021 is also provided: 

 

Service cost 

   800,000 

Actual return on plan assets 

300,000 

Benefits paid 

350,000 

Contributions to the plan 

780,000 

Actuarial loss on remeasurement of defined benefit obligation 

100,000 

Discount rate 

9% 

  

What are the balances of Benefit Obligation and Plan Asset at December 31, 2021? 

Group of answer choices 

3,184,000 3,730,000 

3,184,000 3,700,000 

3,384,000 3,730,000 

3,384,000 3,700,000 

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