On January 1, 2017, Makoto Co. has the following balances:Projected benefit obligation$2,730,000Fair value of plan assets2,340,000The settlement rate is 10%. Other data related to the pension plan for 2017 are:Service cost$234,000Amortization of unrecognized prior service costs77,600Contributions390,400Benefits paid140,500Actual return on plan assets304,500Amortization of unrecognized net gain27, 800The balance of the projected benefit obligation at December 31, 2017 is

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Answered: On January 1, 2017, Makoto Co. has the…

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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On January 1, 2017, Makoto Co. has the following balances:

Projected benefit obligation	$2,730,000
Fair value of plan assets	2,340,000

The settlement rate is 10%. Other data related to the pension plan for 2017 are:

Service cost	$234,000
Amortization of unrecognized prior service costs	77,600
Contributions	390,400
Benefits paid	140,500
Actual return on plan assets	304,500
Amortization of unrecognized net gain	27, 800

The balance of the projected benefit obligation at December 31, 2017 is

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