Refer to the information for Spath Company to the left. As of December 31, 2020, what is
Question:
Refer to the information for Spath Company to the left. As of December 31, 2020, what is the balance in the pension plan asset fund?
a. $456,000
b. $630,000
c. $654,000
d. $840,000
Spath Company adopted a noncontributory defined benefit pension plan on January 1, 2019. Spath uses the benefit/ years-of-service method, which results in the following information:
The actual rate of return is equal to the expected return, and the company has not made any payments to retirees.
Transcribed Image Text:
2019 2020 Service cost Amount funded Discount rate Expected rate of return $ 300,000 $ 450,000 390,000 240,000 10% 10% 10% 10%
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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