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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Does GAAP specify the minimum amount that a company must pay into its pension fund each year? If not, how is the amount determined?

To determine

Describe whether the GAAP specifies the minimum amount that a company should pay into its pension fund year and state the manner in which this amount would be computed if is not pay into its pension fund.

Explanation

Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.

No, the GAAP does not specify the minimum amount that a company should pay into its pension fund each year. Using the guidelines of the Pension Protection Act of 2006 and the Employee Retirement Income Security Act of 1974 the amount is computed...

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