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Calculation of pension liability according to balance sheet

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Reference no: EM13884801

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.

Additional information-

The problem relates to Basics Accounting and estimate the pension liability according to the balance sheet.

Reference no: EM13884801

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