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Compute the actual return on plan assets for the year

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Reference no: EM13884784

Question-

The following information relates to the pension plan for the employees of Turner Co.: Turner estimates that the average remaining service life is 16 years. Turner's contribution was $378,000 in 2013 and benefits paid were $282,000.

 

1/1/12

1/1/13

1/1/14

Projected benefit obligation

2,790,000

2,988,000

4,002,000

Fair value of plan assets

2,550,000

3,120,000

3,444,000

AOCI- net (gain) or loss

-0-

(432,000) 

(480,000)

Settlement rate (for year)

 

11%

11%

Expected rate of return (for year)

8%

7%

 


Turner estimates that the average remaining service life is 16 years. Turner's contribution was $378,000 in 2013 and benefits paid were $282,000.

The actual return on plan assets in 2013 is

a. $204,000.

b. $228,000.

c. $294,000.

d. $324,000.

Additional information-

This problem relates to Basics Accounting and explanation the calculation of the actual return on plan assets for the year.

Reference no: EM13884784

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