On January 1, 2015, Parks Co. has the following balances: Projected benefit obligation $4,200,000 Fair value of plan assets 3,480,000 The settlement rate is 10%. Other data related to the pension plan for 2015 are: Service cost $226,000 Amortization of prior service costs 54,000 Contributions 270,000 Benefits paid 250,000 Actual return on plan assets 264,000 Amortization of net gain 18,000 The balance of the projected benefit obligation at December 31, 2015 is a. 4,494,000 b. 4,596,000 c. 4,860,000 d. 4,610,000 The fair value of plan assets at December 31, 2015 is a. 3,506,000 b. 3,764,000 c. 4,034,000 d. 4,284,000

On January 1, 2015, Parks Co. has the following balances: Projected benefit obligation $4,200,000 Fair value of plan assets 3,480,000 The settlement rate is 10%. Other data related to the pension plan for 2015 are: Service cost $226,000 Amortization of prior service costs 54,000 Contributions 270,000 Benefits paid 250,000 Actual return on plan assets 264,000 Amortization of net gain 18,000 The balance of the projected benefit obligation at December 31, 2015 is a. 4,494,000 b. 4,596,000 c. 4,860,000 d. 4,610,000 The fair value of plan assets at December 31, 2015 is a. 3,506,000 b. 3,764,000 c. 4,034,000 d. 4,284,000

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 6RE

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Intermediate Accounting: Reporting And Analysis

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bartleby, a Learneo, Inc. business

Projected benefit obligation	$4,200,000
Fair value of plan assets	3,480,000

Service cost	$226,000
Amortization of prior service costs	54,000
Contributions	270,000
Benefits paid	250,000
Actual return on plan assets	264,000
Amortization of net gain	18,000