On January 1, 2021, Cullumber Co. has the following balances:Projected benefit obligationFair value of plan assetsService costThe settlement rate is 11%. Other data related to the pension plan for 2021 are:$3550000Benefits paidActual return on plan assetsAmortization of net gain3050000Amortization of prior service costs due to increase in benefitsContributionsO $3987500.O $3940500.O $4241500.O $4015500.$301000101000501000226000The balance of the projected benefit obligation at December 31, 2021 is39600030100

The question is based on the concept of financial accounting. The projected benefit obligation is…

On January 1, 2021, Cullumber Co. has the following balances: Projected benefit obligation Fair value of plan assets $3550000 Service cost 3050000 The settlement rate is 11%. Other data related to the pension plan for 2021 are: $301000

On January 1, 2021, Cullumber Co. has the following balances: Projected benefit obligation Fair value of plan assets $3550000 Service cost 3050000 The settlement rate is 11%. Other data related to the pension plan for 2021 are: $301000

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, 2021, Pharoah Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2021 are: $3700000 Benefits paid Actual return on plan assets Amortization of net gain 3200000 Amortization of prior service costs due to increase in benefits Contributions O $3644000. O $3890000. O $4115000. O $3700000. The fair value of plan assets at December 31, 2021 is $320000 108000 520000 245000 415000 34000
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