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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

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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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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