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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Refer to the information for Spath Company to the left. As of December 31, 2020, what is the balance in the pension plan asset fund?
- a. $456,000
- b. $630,000
- c. $654,000
- d. $840,000
Compute the balance in the pension plan asset fund as of December 31, 2020.
Plan assets: The assets which are used to satisfy the postretirement obligation are held as a pension fund by the trustee, to invest the employer contributions, accumulate the earnings on investments, and pay the contributions plus earnings to the retired employees, are referred to as plan assets.
Compute the balance in the pension plan asset fund as of December 31, 2020 as follows:
| Particulars | Amount ($) |
| Amount funded in 2019 | $240,000 |
| Add: Expected return on plan assets of 2019 (1) | $24,000 |
| Amount funded in 2020 | $390,000 |
| Total | 654,000 |
Table (1)
Working note (1):
Calculate the expected return on plant assets for 2019:
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