Calculation Of Pension Liability According To The Balance Sheet

Question

Foster Corporation received the following report from its actuary at the end of the year:

 

December 31, 2012

December 31, 2013

Projected benefit obligation

$1,800,000

$2,000,000

Accumulated benefit obligation

1,300,000

1,480,000

Fair value of pension plan assets

1,380,000

1,440,000

 

The amount reported as the pension liability on Foster’s balance sheet at December 31, 2012 is
a. $0.

b. $400,000.

c. $420,000.

d. $500,000.

 

Summary

The question belongs to Accounting and it discusses about calculation of pension liability according to the balance sheet.

Total Word Count 24

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