The following refers to the pension spreadsheet (columns have missing amounts) for the current year for Ng Enterprises.($ in millions) Debit(Credit)PBOPlan AssetsPrior Service CostNet (Gain)/LossPension ExpenseCashNet Pension (Liability)/AssetBeginning balance 4506055 50Service cost(85) Interest cost(25) Expected return on assets 55 Gain/loss on assets 3 Amortization of: Prior service cost Net gain/loss (1) Loss on PBO(65) Contributions to fund 40 Retiree benefits paid Ending balance(530) 54122 What were the retiree benefits paid?

Employee benefit expenses are those expenses which incurred for the purpose of benefit and they are…

Answered: The following refers to the pension…

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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The following refers to the pension spreadsheet (columns have missing amounts) for the current year for N_g Enterprises.

($ in millions) Debit(Credit)	PBO	Plan Assets	Prior Service Cost	Net (Gain)/Loss	Net Pension (Liability)/Asset
Beginning balance		450	60	55	50
Service cost	(85)
Interest cost	(25)
Expected return on assets		55
Gain/loss on assets				3
Amortization of:
Prior service cost
Net gain/loss				(1)
Loss on PBO	(65)
Contributions to fund		40
Retiree benefits paid
Ending balance	(530)		54	122

What were the retiree benefits paid?

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