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Garrison Enterprises provides the following information for its current fiscal year: Beginning balance of plan assets at market value: $1,800,000 Actual return on plan assets: $260,000 Employer's contribution: $200,000 Distribution to beneficiaries: $100,000 Service cost: $150,000 Interest cost: $190,000 Changes in benefits and assumptions: $45,000 Beginning balance of the PBO: $1,820,000 What is the ending balance of the projected benefit obligation (PBO)? a. $2,095,000 b. $2,105,000 c. $2,205,000 d. $2,210,000

Garrison Enterprises provides the following information for its current fiscal year: Beginning balance of plan assets at market value: $1,800,000 Actual return on plan assets: $260,000 Employer's contribution: $200,000 Distribution to beneficiaries: $100,000 Service cost: $150,000 Interest cost: $190,000 Changes in benefits and assumptions: $45,000 Beginning balance of the PBO: $1,820,000 What is the ending balance of the projected benefit obligation (PBO)? a. $2,095,000 b. $2,105,000 c. $2,205,000 d. $2,210,000

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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Garrison Enterprises provides the following information for its current fiscal year: Beginning balance of plan assets at market value: $1,800,000 Actual return on plan assets: $260,000 Employer's contribution: $200,000 Distribution to beneficiaries: $100,000 Service cost: $150,000 Interest cost: $190,000 Changes in benefits and assumptions: $45,000 Beginning balance of the PBO: $1,820,000 What is the ending balance of the projected benefit obligation (PBO)? a. $2,095,000 b. $2,105,000 c. $2,205,000 d. $2,210,000
Transcribed Image Text:Garrison Enterprises provides the following information for its current fiscal year: Beginning balance of plan assets at market value: $1,800,000 Actual return on plan assets: $260,000 Employer's contribution: $200,000 Distribution to beneficiaries: $100,000 Service cost: $150,000 Interest cost: $190,000 Changes in benefits and assumptions: $45,000 Beginning balance of the PBO: $1,820,000 What is the ending balance of the projected benefit obligation (PBO)? a. $2,095,000 b. $2,105,000 c. $2,205,000 d. $2,210,000
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