Question: Spring 2021 Chapter 20 Example: The following information is available for the pension plan of Radcliffe Company for the year 2020: Benefits paid to

Spring 2021 Chapter 20 Example: The following information is available for the

Spring 2021 Chapter 20 Example: The following information is available for the pension plan of Radcliffe Company for the year 2020: Benefits paid to retirees 40,000 Interest/discount rate 10% Amendments to the pension plan (i.e., prior service cost), 1/1/2020 Pension benefit obligation (PBO) balance, 12/31/2019 8.000 500,000 Service cost 60,000 Loss on PBO resulting from changes in actuarial assumptions 25,000 What is the 12/31/2020 ending balance in the pension liability account?

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