Reference no: EM131268066
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2016. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $150,000 for 2016 and $200,000 for 2017. Year-end funding is $160,000 for 2016 and $170,000 for 2017. No assumptions or estimates were revised during 2016.
Required:
Calculate each of the following amounts as of both December 31, 2016, and December 31, 2017: (Enter you answers in thousands (i.e., 200,000 should be entered as 200).)
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