Illustrate what amount should loch report in its december

Reference no: EM13121439

Q. On January 2, 20X9, Loch Co. established a non-contributory defined benefit plan covering all employees and contributed $1,000,000 to the plan. At December 31, 20X9, Loch determined that the 20X9 service and interest costs on the plan were $620,000. The expected and the actual rate of return on plan assets for 20X9 was 10%. There are not other components of Loch's pension expense.

What amount should Loch report in its December 31, 20X9 balance sheet as prepaid pension cost?

a. $280,000
b. $380,000
c. $480,000
d. $620,000

Reference no: EM13121439

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