Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. damian recorded its contribution into its pension

Damian recorded its contribution into its pension plan as Pension Expense in 2022. In examining...

60.1K

Verified Solution

Question

Accounting

Damian recorded its contribution into its pension plan as Pension Expense in 2022. In examining 2021s financials you note the following in the footnotes (all numbers in 000s). Projected Pension Benefit Obligation ($2,200) Plan Assets (Fair Value) 2,000 Unfunded Pension (200) Unamortized Prior service cost 240 In discussions with the actuary you determine the following: 2022 service cost is $160. The discount rate used to compute the PBO is 6% At 12/31/21, 10 years remained related to the prior service cost. The company assumes an expected return on its pension assets of 7%. Funding is always on 12/31 of each year. The plan asset value at the end of 2022 after the funding was $2,340 Assume that the pension expense was properly recorded in 2021, but that the firm recorded nothing related to the funded status of the plan on the books. Through the end of 2021, the firm had no unrecognized gains or loss related to actuarial assumptions or plan assets

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

How would you “re-create” hexaploid bread wheat from Triticum tauschii (diploid) and Emmer wheat (tetraploid)? Compare and contrast...

Biology
1.2K views

Make a comparative chart on the main methods of protein quantification. Method Reagents Equipment characteristics Bradford Biuret Lowry BCA (bicinconinic acid)

Physics
1.2K views

Infinite plane sheets of charge lie in z = 0, z = 2, and z...

Biology
1.2K views

Use this key for a few selected Gram positive bacteria to identify the possible bacterium...

Physics
1.2K views

0 A long cylindrical capacitor of inner radius x variable and outer radius b is...

Basic Math
1.2K views

Find the inverse function for the following: f(x) =2+3x /5x and use your result...

Statistics
1.2K views

To construct a confidence interval for the difference between two population means H use the...

Calculus
1.2K views

The graph of y cos x is vertically stretched by a factor of 14 shifted...

Calculus
1.2K views

Question 1 In 2002 a school population was 1933 By 2006 the population had grown...

Algebra
1.2K views

se a power series to approximate the value of the integral with an error of...

Accounting
1.2K views

11.S corporation shareholders only include debt in their stock basis if they personally contributed the...

Accounting
1.2K views

Can Someone see if my 3 answers below are correct? If not will you provide...