13. The following information are taken from the actuarial valuation report for an entity's defined benefit plan: Fair value of plan assets, Jan 1 1,500,000 Return on plan assets 180,000 Employer contributions 45,000 Present value of defined benefit obligation, Jan 1 1,800,000 Current service cost 450,000 Benefits paid during the period 75,000 Actuarial gain 10,000 Discount rate 12% What is the net defined benefit liability (asset) as of December 31?
13. The following information are taken from the actuarial valuation report for an entity's defined benefit plan: Fair value of plan assets, Jan 1 1,500,000 Return on plan assets 180,000 Employer contributions 45,000 Present value of defined benefit obligation, Jan 1 1,800,000 Current service cost 450,000 Benefits paid during the period 75,000 Actuarial gain 10,000 Discount rate 12% What is the net defined benefit liability (asset) as of December 31?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
13. The following information are taken from the actuarial valuation report for an entity's defined benefit plan:
| Fair value of plan assets, Jan 1 | 1,500,000 |
| Return on plan assets | 180,000 |
| Employer contributions | 45,000 |
| Present value of defined benefit obligation, Jan 1 | 1,800,000 |
| Current service cost | 450,000 |
| Benefits paid during the period | 75,000 |
| Actuarial gain | 10,000 |
| Discount rate | 12% |
What is the net defined benefit liability (asset) as of December 31?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education