Asked Mar 16, 2020

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?


Expert Answer

Step 1

Closing obligation is calculated using the following formula:


Accounting homework question answer, step 1, image 1


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