Gorilla, Corp. implemented a defined-benefit pension plan for its employees on January 2, 2012. The following...
Gorilla, Corp. implemented a defined-benefit pension plan for its employees on January 2, 2012. The following data are provided for year 2012, as of December 31: Accumulated benefit obligation $103,000 Plan assets at fair value 78,000 Net period pension expense 90,000 Employer's contribution 70,000 What amount should Gorilla record as additional minimum pension liability at December 31, 2012?
Homework Answers
Minimum Pension Liability = Accumulated Benefit Obligation + Net Period Pension Expense - Fair Value of Plan Asset - Employer's Contribution
Minimum Pension Liability = 103,000 + 90,000 - 78,000 - 70,000
Minimum Pension Liability = $45,000
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