The balance of the projected benefit obligation at december, Ask an Expert

Accounting

On January 1, 2008, Kinder Co. has the following balances:

Projected benefit obligation $2,100,000
Fair value of plan assets 1,800,000

The settlement rate is 10%. Other data related to the pension plan for 2008 are:

Service cost $180,000
Amortization of unrecognized prior service costs 60,000
Contributions 300,000
Benefits paid 105,000
Actual return on plan assets 237,000
Amortization of unrecognized net gain 18,000

The balance of the projected benefit obligation at December 31, 2008 is

a. $2,685,000.

b. $2,385,000.

c. $2,355,000.

d. $2,337,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M992485

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