Question: Netflicks Inc. has a noncontributory defined benefit pension plan. Required a. How much did the PBO increase during 2020? Name five items that could have

Netflicks Inc. has a noncontributory defined benefit pension plan.

Projected Benefit Obligation Balance, Jan. 1, 2020.. Balance, Dec. 31, 2020 Plan

Required

a. How much did the PBO increase during 2020? Name five items that could have caused the PBO to change.

b. How much did pension plan assets change during 2020? Name three items that could have caused the change in plan assets.

c. Compute the plan's funded balance at (1) January 1, 2020, and (2) December 31, 2020. Explain what these amounts mean.

Projected Benefit Obligation Balance, Jan. 1, 2020.. Balance, Dec. 31, 2020 Plan Assets (at Fair Value) $ 80,000 $164,000 Balance, Jan. 1, 2020. 214,000 Balance, Dec. 31, 2020 140,000

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