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Defined benefit pension plan terms In a recent year’s financial statements, Procter & Gamble showed an unfunded pension liability of $5,599 million and a periodic pension cost of $434 million. Explain the meaning of the $5,599 million unfunded pension liability and the $434 million periodic pension cost.

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 11, Problem 19E
Textbook Problem
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Defined benefit pension plan terms

In a recent year’s financial statements, Procter & Gamble showed an unfunded pension liability of $5,599 million and a periodic pension cost of $434 million.

Explain the meaning of the $5,599 million unfunded pension liability and the $434 million periodic pension cost.

To determine

Explain the meaning of $5,599 million unfunded pension liability and $434 million periodic pension cost.

Explanation of Solution

Pension: Pension is a cash payment given to the employees at the time of their retirement. The pension benefits are accrued based on years of service, annual compensation and age, and based on the employer’s pension plan.

Defined benefit pension plan:

  • In this plan, the employee is getting a fixed annual amount by the company based on a formula.
  • In this plan, the employer is required to pay the fund to the employees after their retirement as a pension benefit...

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Chapter 11 Solutions

Financial Accounting
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