Reference no: EM131264898
On January 1, 20X2, Jeff Co.’s defined benefit pension plan had plan assets with a fair value of $750,000, and a projected plan obligation of $875,000. In addition:
Actual and expected return on plan assets – 7%
Interest cost – 9%
Service costs - $24,000
Unamortized prior service cost - $120,000
Employer contributions to the plan - $45,000
Distributions to employees from the plan - $60,000
Assume that pension expense is $80,000, what will be the amount in plan assets at December 31, 20X2?
a.$735,000
b.$795,000
c.$787,500
d.$708,750
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