On January 1, 2021, Oriole Co. has the following balances:Projected benefit obligation $3650000Fair value of plan assets 3150000The settlement rate is 9%. Other data related to the pension plan for 2021 are:Service cost $315000Amortization of prior service costs due to increase in benefits 106000Contributions 515000Benefits paid 240000Actual return on plan assets 410000Amortization of net gain 33000The fair value of plan assets at December 31, 2021 is $3593000. $4060000. $3650000. $3835000.

Answered: On January 1, 2021, Oriole 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, 2021, Oriole Co. has the following balances:

Projected benefit obligation			$3650000
Fair value of plan assets			3150000

The settlement rate is 9%. Other data related to the pension plan for 2021 are:

Service cost			$315000
Amortization of prior service costs due to increase in benefits			106000
Contributions			515000
Benefits paid			240000
Actual return on plan assets			410000
Amortization of net gain			33000

The fair value of plan assets at December 31, 2021 is

$3593000.

$4060000.

$3650000.

$3835000.

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