Brown Inc. introduce a defined benefit pension plan for its employees on January 1, 2020. The following
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Brown Inc. introduce a defined benefit pension plan for its employees on January 1, 2020. The following data were provided for December 31, 2020.
Projected benefit obligation $790,000
Accumulated benefit obligation $720,000
Plan Asset at Fair value $650,000
Employees cash contribution end of year $600,000
What amount should Brown Inc. report as its net pension liability as at December31, 2020.
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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