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AOG Inc. provides a defined benefit plan for its employees, and reports using ASPE. The pension...

AOG Inc. provides a defined benefit plan for its employees, and reports using ASPE. The pension plan administrator for AOG Inc. provided the following information for the year ended December 31, 2020

         Fair value of plan assets, January 1..................................           820,000

         Defined benefit obligation, January 1..............................            760,000

         Current service cost.........................................................           60,000

         Employer contributions..................................................             85,000

         Benefits paid to retirees...................................................           50,000

          Actuarial Gain………………………………………………….            25,000

         Actual return...................................................................                 5%

         Interest (discount) rate....................................................                  6%

Required:

a.) What is the fair value of the plan assets at December 31, 2020?

b.) What is the balance in the Net Defined Benefit/Liability account at December 31, 2019 and what is the funded status?

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ekkarill92 answered 1 year ago
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