The following pension plan information is for Pharoah Company at December 31, 2018. Projected benefit obligation...
The following pension plan information is for Pharoah Company at
December 31, 2018.
| Projected benefit obligation | $ | 8600000 | |
| Accumulated benefit obligation | 7550000 | ||
| Plan assets (at fair value) | 6128000 | ||
| Accumulated OCI (PSC) | 460000 | ||
| Pension expense for 2018 | 2600000 | ||
| Contribution for 2018 | 2008000 |
The amount to be reported as the liability for pensions on the
December 31, 2018 balance sheet is
Homework Answers
The liability for pensions on the December 31, 2018 = $2,472,000
Projected benefit obligation - Plan assets (at fair value)
$8,600,000 - $6,128,000 = $2,472,000
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The following pension plan information is for Pharoah Company at
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