Pearsall Company's defined benefit pension plan had a PBO of $270,000 on January 1, 2021. During...
Pearsall Company's defined benefit pension plan had a PBO of $270,000 on January 1, 2021. During 2021, pension benefits paid were $48,000. The discount rate for the plan for this year was 11%. Service cost for 2021 was $86,000. Plan assets (fair value) increased during the year by $51,000. The amount of the PBO at December 31, 2021, was:
Multiple Choice
-
$222,000.
-
$385,700.
-
$337,700.
-
None of these answer choices are correct
Homework Answers
| PBO on Jan 1,2021 | 270,000 |
| Service cost | 86,000 |
| Interest (270,000*11%) | 29,700 |
| Benefits paid during the year | -48,000 |
| PBO on Dec 31,2021 | 337,700 |
Option C is the answer
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