ation received the following report from its actuary at the end of the year: December 31, 2014 December 31, 2015 Projected benefit obligation $2,000,000 $2,200,000 Accumulated benefit obligation 1,380,000 1,440,000 Fair value of pension plan assets 1,300,000 1,480,000 The amount reported as the pension liability at December 31, 2014 is a. 0 b. 80,000 c. 620,000 d. 700,000 The amount reported at the pension liability at December 31, 2015 is a. 2,200,000 b. 1,480,000 c. 720,000
ation received the following report from its actuary at the end of the year: December 31, 2014 December 31, 2015 Projected benefit obligation $2,000,000 $2,200,000 Accumulated benefit obligation 1,380,000 1,440,000 Fair value of pension plan assets 1,300,000 1,480,000 The amount reported as the pension liability at December 31, 2014 is a. 0 b. 80,000 c. 620,000 d. 700,000 The amount reported at the pension liability at December 31, 2015 is a. 2,200,000 b. 1,480,000 c. 720,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Foster Corporation received the following report from its actuary at the end of the year:
December 31, 2014 | December 31, 2015 | |
Projected benefit obligation | $2,000,000 | $2,200,000 |
Accumulated benefit obligation | 1,380,000 | 1,440,000 |
Fair value of pension plan assets | 1,300,000 | 1,480,000 |
The amount reported as the pension liability at December 31, 2014 is
a. 0
b. 80,000
c. 620,000
d. 700,000
The amount reported at the pension liability at December 31, 2015 is
a. 2,200,000
b. 1,480,000
c. 720,000
d. 760,000
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