The following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 630 Expected return on plan assets 63 Actual return on plan assets 50 Contributions to the pension fund (end of year) 106 Amortization of net loss 11 Pension benefits paid (end of year) 14 Pension expense 78 Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.)
The following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 630 Expected return on plan assets 63 Actual return on plan assets 50 Contributions to the pension fund (end of year) 106 Amortization of net loss 11 Pension benefits paid (end of year) 14 Pension expense 78 Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data relate to Ramesh Company’s defined benefit pension plan:
| ($ in millions) | |||
| Plan assets at fair value, January 1 | $ | 630 | |
| Expected return on plan assets | 63 | ||
| Actual return on plan assets | 50 | ||
| Contributions to the pension fund (end of year) | 106 | ||
| Amortization of net loss | 11 | ||
| Pension benefits paid (end of year) | 14 | ||
| Pension expense | 78 | ||
Required:
Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.)
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