Chapter 19, Problem 19.23BE

To determine

The value of closing balance of the plan assets and indicate the funded status of the plan at the end of the year.

Given information:

Fair value of plan assets at the beginning is $569,000.

PBO at the beginning is $678,000.

Service Cost is $54,000.

Interest on beginning PBO is $56,900.

Expected returns are $50,000.

Unexpected returns are $85,800.

Actuarial gains are $98,543.

Contribution made by corporations is $86,500.

Benefit payment made to retirees is $29,780.