Question 20### Bonita Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. January 1, 2020 December 31, 2020 Vested benefit obligation $1,520 $1,930 Accumulated benefit obligation 1,930 2,700 Projected benefit obligation 2,510 3,360 Plan assets (fair value) 1,730 2,670 Settlement rate and expected rate of return 10% Pension asset/liability 780 ? Service cost for the year 2020 400 Contributions (funding in 2020) 690 Benefits paid in 2020 200 (a3) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Indicate the pension amounts reported in the balance sheet. Bonita Company’s Balance Sheet (Partial) $ $ Bonita Company's Balance Sheet (Partial) December 31, 2020 Liabilites Pension Liability. $690 Total Long-term Investments Accumulated Other Comprehensive Loss (G/L) $690
Question 20### Bonita Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. January 1, 2020 December 31, 2020 Vested benefit obligation $1,520 $1,930 Accumulated benefit obligation 1,930 2,700 Projected benefit obligation 2,510 3,360 Plan assets (fair value) 1,730 2,670 Settlement rate and expected rate of return 10% Pension asset/liability 780 ? Service cost for the year 2020 400 Contributions (funding in 2020) 690 Benefits paid in 2020 200 (a3) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Indicate the pension amounts reported in the balance sheet. Bonita Company’s Balance Sheet (Partial) $ $ Bonita Company's Balance Sheet (Partial) December 31, 2020 Liabilites Pension Liability. $690 Total Long-term Investments Accumulated Other Comprehensive Loss (G/L) $690
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 20###
Bonita Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan.
January 1, 2020 | December 31, 2020 | |||
Vested benefit obligation | $1,520 | $1,930 | ||
Accumulated benefit obligation | 1,930 | 2,700 | ||
Projected benefit obligation | 2,510 | 3,360 | ||
Plan assets (fair value) | 1,730 | 2,670 | ||
Settlement rate and expected |
10% | |||
Pension asset/liability | 780 | ? | ||
Service cost for the year 2020 | 400 | |||
Contributions (funding in 2020) | 690 | |||
Benefits paid in 2020 | 200 |
(a3)
New attempt is in progress. Some of the new entries may impact the last attempt grading.
Your answer is partially correct.
Indicate the pension amounts reported in the balance sheet.
Bonita Company’s
Balance Sheet (Partial) |
||||||
|
||||||
|
$
|
|||||
|
|
|||||
|
$
|
Bonita Company's
Balance Sheet (Partial)
December 31, 2020
Liabilites
Pension Liability. $690
Total Long-term Investments
Accumulated Other Comprehensive Loss (G/L) $690
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