Louie Company's defined benefit pension plan had a PBO of $272,000 on January 1, 2021. During 2021, pension benefits paid were $48,000. The discount rate for the plan for this year was 11%. Service cost for 2021 was $81,000. Plan assets (fair value) increased during the year by $46,000. The amount of the PBO at December 31, 2021, was: Multiple Choice $334,920. $382,920. $224,000. None of these answer choices are correct.
Louie Company's defined benefit pension plan had a PBO of $272,000 on January 1, 2021. During 2021, pension benefits paid were $48,000. The discount rate for the plan for this year was 11%. Service cost for 2021 was $81,000. Plan assets (fair value) increased during the year by $46,000. The amount of the PBO at December 31, 2021, was: Multiple Choice $334,920. $382,920. $224,000. None of these answer choices are correct.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 3RE: Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn...
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![Louie Company's defined benefit pension plan had a PBO of $272,000 on January 1, 2021. During 2021, pension benefits paid were $48,000. The
discount rate for the plan for this year was 11%. Service cost for 2021 was $81,000. Plan assets (fair value) increased during the year by $46,000. The
amount of the PBO at December 31, 2021, was:
Multiple Choice
$334,920.
$382,920.
$224,000.
None of these answer choices are correct.
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Transcribed Image Text:Louie Company's defined benefit pension plan had a PBO of $272,000 on January 1, 2021. During 2021, pension benefits paid were $48,000. The
discount rate for the plan for this year was 11%. Service cost for 2021 was $81,000. Plan assets (fair value) increased during the year by $46,000. The
amount of the PBO at December 31, 2021, was:
Multiple Choice
$334,920.
$382,920.
$224,000.
None of these answer choices are correct.
< Prev
9 of 16
Next >
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