A company's defined benefit pension plan had a PBO of $273,000 on January 1, 2018. During 2018, pension benefits paid we...
A company's defined benefit pension plan had a PBO of $273,000 on January 1, 2018. During 2018, pension benefits paid were $41,000. The discount rate for the plan for this year was 12%. Service cost for 2018 was $83,000. Plan assets (fair value) increased during the year by $51,000. The amount of the PBO at December 31, 2018, was:
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$347,760.
-
None of these answer choices are correct.
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$232,000.
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$388,760.
Homework Answers
A. $347,760
| PBO/1/1 | $273,000 |
| Service cost | $83,000 |
| Interest cost ($273,000 × 12%) | $32,760 |
| Benefits paid | ($41,000) |
| PBO 12/31 | $347,760 |
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