Question

The following information pertains to Kane Company’s defined benefit pension plan:
Balance sheet asset, 1/1/14 ..... $ 2,000
AOCI—prior service cost, 1/1/14 . 24,000
Service cost ........... 19,000
Interest cost .......... 38,000
Expected return on plan assets ... 22,000
Prior service cost amortization ... 6,000
Employer contributions ..... 40,000

Kane has no net actuarial gains or losses in AOCI.

Required:
In its December 31, 2014, balance sheet, what amount should Kane report as a pension asset (liability)?



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  • CreatedSeptember 10, 2014
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