Question: The projected benefit obligation was 80 million at the beginning 180849
The projected benefit obligation was $80 million at the beginning of the year and $85 million at the end of the year. Service cost for the year was $10 million. At the end of the year, pension benefits paid by the trustee were $6 million. The actuary's discount rate was 5%. At the end of the year, the actuary revised the estimate of the percentage rate of increase in compensation levels in upcoming years. What was the amount of the gain or loss the estimate change caused?
Answer to relevant QuestionsPension plan assets were $80 million at the beginning of the year. The return on plan assets was 5%. At the end of the year, retiree benefits paid by the trustee were $6 million and cash invested in the pension fund was $7 ...The pension plan was amended last year, creating a prior service cost of $20 million. Service cost and interest cost for the year were $10 million and $4 million, respectively. At the end of the year, there was a negligible ...On January 1, 2011, Burleson Corporation's projected benefit obligation was $30 million. During 2011 pension benefits paid by the trustee were $4 million. Service cost for 2011 is $12 million. Pension plan assets (at fair ...Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2011, Abbott and Abbott received the following information:The expected long-term rate of return on plan assets was 10%. There was no ...Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2011 (the end of Beale's fiscal year), the following pension-related data were available:Required:1. Prepare the 2011 journal entry to ...
Post your question