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1. On January 1, 2021, ABC Co. has the following balances: Projected benefit obligation Fair value of plan assets $5,600,000 8,000,000 The settlement rate is 10%. Other data related to the pension plan for 2021 are: Service cost Prior Service Cost Amortization of prior service costs Contributions Benefits paid Actual return on plan assets Amortization of net gain $320,000 288,000 72,000 360,000 335,000 352,000 24,000 a.) The balance of the projected benefit obligation at December 31, 2021 is b.) The fair value of plan assets at December 31, 2021 is c.) The amount of pension asset / liability ABC Co. would recognize at December 31, 2021 is

1. On January 1, 2021, ABC Co. has the following balances: Projected benefit obligation Fair value of plan assets $5,600,000 8,000,000 The settlement rate is 10%. Other data related to the pension plan for 2021 are: Service cost Prior Service Cost Amortization of prior service costs Contributions Benefits paid Actual return on plan assets Amortization of net gain $320,000 288,000 72,000 360,000 335,000 352,000 24,000 a.) The balance of the projected benefit obligation at December 31, 2021 is b.) The fair value of plan assets at December 31, 2021 is c.) The amount of pension asset / liability ABC Co. would recognize at December 31, 2021 is

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. On January 1, 2021, ABC Co. has the following balances: Projected benefit obligation Fair value of plan assets $5,600,000 8,000,000 The settlement rate is 10%. Other data related to the pension plan for 2021 are: Service cost Prior Service Cost Amortization of prior service costs Contributions Benefits paid Actual return on plan assets Amortization of net gain $320,000 288,000 72,000 360,000 335,000 352,000 24,000 a.) The balance of the projected benefit obligation at December 31, 2021 is b.) The fair value of plan assets at December 31, 2021 is c.) The amount of pension asset / liability ABC Co. would recognize at December 31, 2021 is
Transcribed Image Text:1. On January 1, 2021, ABC Co. has the following balances: Projected benefit obligation Fair value of plan assets $5,600,000 8,000,000 The settlement rate is 10%. Other data related to the pension plan for 2021 are: Service cost Prior Service Cost Amortization of prior service costs Contributions Benefits paid Actual return on plan assets Amortization of net gain $320,000 288,000 72,000 360,000 335,000 352,000 24,000 a.) The balance of the projected benefit obligation at December 31, 2021 is b.) The fair value of plan assets at December 31, 2021 is c.) The amount of pension asset / liability ABC Co. would recognize at December 31, 2021 is
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