Question
Asked Mar 16, 2020
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The projected benefit obligation was $260 million at the beginning of the year and $278 million at the end of the year. Service cost for the year was $16 million. At the end of the year, there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%.
 
What was the amount of the retiree benefits paid by the trustee?
 

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Expert Answer

Step 1

Closing obligation is calculated using the following formula:

 

Accounting homework question answer, step 1, image 1

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