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Compute the balance of the projected benefit obligation

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Question - On January 1, 2015, Parks Co. has the following balances:

Projected benefit obligation $4,200,000

Fair value of plan assets $3,750,000

The settlement rate is 10%. Other data related to the pension plan for 2015 are:

Service cost $240,000

Amortization of prior service costs $54,000

Contributions $270,000

Benefits paid $250,000

Actual return on plan assets $264,000

Required -

1. Compute the balance of the projected benefit obligation at December 31, 2015?

2. Compute the fair value of plan assets at December 31, 2015?

3. Compute the funded status of this pension as of December 31, 2015?

Reference no: EM132562952

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