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Montoya Company has available the following information about its defined benefit pension plan for the year ended December 31,2011.

Service Cost for 2011 $ 25,000
Accumulated benefit obligation 683,000
Plan assets at fair value 630,000
Accumulated OCI(Psc) 300,000
Vested Benefit ObligATION 505,000
Market Related Asset Value 725,000
Projected benefit obligation 865,000
Accumulated OCI net gain 90,000
Interest on projected benefit obligation 64,000

a. find out the pension asset/liability to be recorded at december 31, 2011.

b. find out the 2012 amortization of the net gain. The average remaining service life of employee is 10 years.

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  • Category:- Accounting Basics
  • Reference No.:- M945550

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