Louie Company's defined benefit pension plan had a PBO of $266,000 on January 1, 2021. During 2021, pension benefits paid were $45,000. The discount rate for the plan for this year was 10%. Service cost for 2021 was $83,000. Plan assets (fair value) increased during the year by $49,000. The amount of the PBO at December 31, 2021, was: Multiple Choice $221,000. $330,600. $375,600. None of these answer choices are correct.

Louie Company's defined benefit pension plan had a PBO of $266,000 on January 1, 2021. During 2021, pension benefits paid were $45,000. The discount rate for the plan for this year was 10%. Service cost for 2021 was $83,000. Plan assets (fair value) increased during the year by $49,000. The amount of the PBO at December 31, 2021, was: Multiple Choice $221,000. $330,600. $375,600. None of these answer choices are correct.

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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