The memorandum records ofGalindezTrading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% What are the balances of Benefit Obligation and Plan Asset at December 31, 2021? Group of answer choices 3,184,000 3,730,000 3,184,000 3,700,000 3,384,000 3,730,000 3,384,000 3,700,000

The memorandum records ofGalindezTrading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% What are the balances of Benefit Obligation and Plan Asset at December 31, 2021? Group of answer choices 3,184,000 3,730,000 3,184,000 3,700,000 3,384,000 3,730,000 3,384,000 3,700,000

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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Question

The memorandum records ofGalindezTrading at January 1, 2021 show the following data:

Define Benefit Obligation	2,600,000
Fair value of plan asset	3,000,000

The following information for 2021 is also provided:

Service cost	800,000
Actual return on plan assets	300,000
Benefits paid	350,000
Contributions to the plan	780,000
Actuarial loss on remeasurement of defined benefit obligation	100,000
Discount rate	9%

What are the balances of Benefit Obligation and Plan Asset at December 31, 2021?

Group of answer choices

3,184,000 3,730,000

3,184,000 3,700,000

3,384,000 3,730,000

3,384,000 3,700,000

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