The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC).

($ in millions) debit (credit)	PBO	Plan assets	Prior service cost	Net (Gain) loss	Pension Expenses	Cash	Net Pension (Liability)/ Asset
Beginning Balance	(590)			85
Service cost					89
Interest cost
Expected return on assets					(32)
Gain/loss on assets				(6.50)
Amortization of:
Prior service cost			(15)
Net gain loss
Loss on PBO	(34)			(34)
Contribution to funds						(83)
Retiree benefits paid	61	(61)
Ending balance	(679)	341	81	105			(339)

What was the balance of the net pension asset/liability reported in the balance sheet at the end of the previous year?

1. Net pension asset of $310.50.

2. Net pension asset of $555.00.

3. Net pension liability of $555.00.

4. Net pension liability of $310.00.

Answer rating: 100% (QA)

Service Cost Pension Expense Column 89 Interest Cost 679 590 89 Pensi... View the full answer