On January 1, 2017, Makoto Co. has the following balances: Projected benefit obligation $2,730,000 Fair value of plan assets 2,340,000 The settlement rate is 10%. Other data related to the pension plan for 2017 are: Service cost $234,000 Amortization of unrecognized prior service costs 77,600 Contributions 390,400 Benefits paid 140,500 Actual return on plan assets 304,500 Amortization of unrecognized net gain
On January 1, 2017, Makoto Co. has the following balances: Projected benefit obligation $2,730,000 Fair value of plan assets 2,340,000 The settlement rate is 10%. Other data related to the pension plan for 2017 are: Service cost $234,000 Amortization of unrecognized prior service costs 77,600 Contributions 390,400 Benefits paid 140,500 Actual return on plan assets 304,500 Amortization of unrecognized net gain
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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On January 1, 2017, Makoto Co. has the following balances:
Projected benefit obligation | $2,730,000 |
Fair value of plan assets | 2,340,000 |
The settlement rate is 10%. Other data related to the pension plan for 2017 are:
Service cost | $234,000 |
Amortization of unrecognized prior service costs | 77,600 |
Contributions | 390,400 |
Benefits paid | 140,500 |
Actual return on plan assets | 304,500 |
Amortization of unrecognized net gain | 27, 800 |
The balance of the projected benefit obligation at December 31, 2017 is
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