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Answer with regards to and reference the appropriate FASB codification for each of these three questions.

1. What is the FASB definition of "actuarial present value?" (From CE20-1c).

2. What is a prior service cost? (From CE20-1d).

3. Before paying out the pension obligations for the year, we had $2 million of assets set aside in a pension fund for a defined benefit plan. This year we paid out $100,000 in benefits, reducing the assets in the fund to $1,900,000. So we should see a pension asset of $1,900,000 in our balance sheet. Is this correct? If not, explain why, because then I don't understand what a pension asset is and how to calculate it.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92797017

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