ation received the following report from its actuary at the end of the year: December 31, 2014 December 31, 2015 Projected benefit obligation $2,000,000 $2,200,000 Accumulated benefit obligation 1,380,000 1,440,000 Fair value of pension plan assets 1,300,000 1,480,000 The amount reported as the pension liability at December 31, 2014 is a. 0 b. 80,000 c. 620,000 d. 700,000 The amount reported at the pension liability at December 31, 2015 is a. 2,200,000 b. 1,480,000 c. 720,000
ation received the following report from its actuary at the end of the year: December 31, 2014 December 31, 2015 Projected benefit obligation $2,000,000 $2,200,000 Accumulated benefit obligation 1,380,000 1,440,000 Fair value of pension plan assets 1,300,000 1,480,000 The amount reported as the pension liability at December 31, 2014 is a. 0 b. 80,000 c. 620,000 d. 700,000 The amount reported at the pension liability at December 31, 2015 is a. 2,200,000 b. 1,480,000 c. 720,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 7E
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Question
Foster Corporation received the following report from its actuary at the end of the year:
December 31, 2014 | December 31, 2015 | |
Projected benefit obligation | $2,000,000 | $2,200,000 |
Accumulated benefit obligation | 1,380,000 | 1,440,000 |
Fair value of pension plan assets | 1,300,000 | 1,480,000 |
The amount reported as the pension liability at December 31, 2014 is
a. 0
b. 80,000
c. 620,000
d. 700,000
The amount reported at the pension liability at December 31, 2015 is
a. 2,200,000
b. 1,480,000
c. 720,000
d. 760,000
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