he following information relates to the pension plan for the employees of Cullumber Co.: 1/1/17 12/31/17...
he following information relates to the pension plan for the
employees of Cullumber Co.:
| 1/1/17 | 12/31/17 | 12/31/18 | ||||||||||
| Accum. benefit obligation | $ | 8140000 | $ | 8560000 | $ | 11500000 | ||||||
| Projected benefit obligation | 8665000 | 9358000 | 12907000 | |||||||||
| Fair value of plan assets | 7825000 | 9820000 | 10954000 | |||||||||
| AOCI – net (gain) or loss | -0- | (1402000 | ) | (1570000 | ) | |||||||
| Settlement rate (for year) | 11% | 11% | ||||||||||
| Expected rate of return (for year) | 8% | 7% | ||||||||||
Cullumber estimates that the average remaining service life is 16
years. Cullumber's contribution was $1213000 in 2018 and benefits
paid were $877000.
The actual return on plan assets in 2018 is
Homework Answers
Fair value of plan assets at 12/31/18 = $10954000
Fair value of plan assets at 12/31/17 = $9820000
Cullumber's contribution in 2018 = $1213000
Benefits paid in 2018 = $877000
Therefore,
Actual return on plan assets in 2018 = $10954000 - $9820000 - $1213000 + $877000 = $798000 (Answer)
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