Question

On January 2, 2014, Loch Company established a defined benefit plan covering all employees and contributed $1,000,000 to the plan. At December 31, 2014, Loch determined that the 2014 service and interest costs totaled $620,000. The expected and the actual rate of return on plan assets for 2014 was 10%. Loch’s pension expense has no other components.

Required:
What amount should Loch report in its December 31, 2014, balance sheet as a pension asset (liability)?



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  • CreatedSeptember 10, 2014
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