In: Accounting
Projected benefit obligation January 1 (before amendment) |
$600,000 |
Plan assets January 1 |
540,000 |
Pension Asset/Liability, January 1 – credit balance |
60,000 |
Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) |
150,000 |
Settlement rate |
8% |
Contributions to the plan (funding) |
50,000 |
Service Cost |
70,000 |
Actual and expected return on plan assets |
55,000 |
Benefits paid to retirees |
30,000 |
Prior service cost amortization for the current year |
15,000 |
D. Compute the balance of Other Comprehensive income – Prior Service Cost at December 31: $_______________
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