The following information for Cooper Enterprises is given below: December 31, 2015 Assets and obligations Plan assets (at fair value)$400,000 Accumulated benefit obligation640,000 Projected benefit obligation700,000 Other Items Pension asset / liability, January 1, 201520,000 Contributions 250,000 Accumulated other comprehensive loss335,800 There were no actuarial gains or losses at January 1, 2015. The average remaining service life of employees is 12 years. 1.What is the pension expense that Cooper Enterprises should report for 2015? a. $304,200 b. $314,200 c. $250,000 d. $335,800 2.What is the amount that Cooper Enterprises should report as its pension liability on its balance sheet as of December 31, 2015? a. $60,000 b. $640,000 c. $300,000 d. $700,000 3.The amortization of Other Comprehensive Loss for 2016 is: a.$0 b.$15,580 c.$22,150 d.$33,5
Use the following information for questions 1 through 3.
The following information for Cooper Enterprises is given below:
December 31, 2015
Assets and obligations
Plan assets (at fair value)$400,000
Accumulated benefit obligation640,000
Projected benefit obligation700,000
Other Items
Pension asset / liability, January 1, 201520,000
Contributions 250,000
Accumulated other comprehensive loss335,800
There were no actuarial gains or losses at January 1, 2015. The average remaining service life of employees is 12 years.
1.What is the pension expense that Cooper Enterprises should report for 2015?
a. $304,200
b. $314,200
c. $250,000
d. $335,800
2.What is the amount that Cooper Enterprises should report as its pension liability on its balance sheet as of December 31, 2015?
a. $60,000
b. $640,000
c. $300,000
d. $700,000
3.The amortization of Other Comprehensive Loss for 2016 is:
a.$0
b.$15,580
c.$22,150
d.$33,580
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