On January 1 of the current reporting year, Nike Inc.'s projected benefit obligation was $29.2 million. During the year, pension benefits paid by the trustee were $3.2 million. Service cost was $9.2 million. Pension plan assets earned $4.2 million as expected. At the end of the year, there was no net gain or loss and no prior service cost. The actuary's discount rate was 10%. Required: Determine the amount of the projected benefit obligation at December 31. (Enter your answers in millions rounded to 2 decimal places. Amounts to b
On January 1 of the current reporting year, Nike Inc.'s projected benefit obligation was $29.2 million. During the year, pension benefits paid by the trustee were $3.2 million. Service cost was $9.2 million. Pension plan assets earned $4.2 million as expected. At the end of the year, there was no net gain or loss and no prior service cost. The actuary's discount rate was 10%. Required: Determine the amount of the projected benefit obligation at December 31. (Enter your answers in millions rounded to 2 decimal places. Amounts to b
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 6RE
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On January 1 of the current reporting year, Nike Inc.'s projected benefit obligation was $29.2 million. During the year, pension benefits paid by the trustee were $3.2 million. Service cost was $9.2 million. Pension plan assets earned $4.2 million as expected. At the end of the year, there was no net gain or loss and no prior service cost. The actuary's discount rate was 10%.
Required:
Determine the amount of the projected benefit obligation at December 31. (Enter your answers in millions rounded to 2 decimal places. Amounts to b
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