Reference no: EM133034055
Question - The following data pertains to a defined benefit (DB) pension plan:
Defined benefit obligation, December 31, 2015 30,000
Long-term interest rate on corporate bonds 8%
Past service cost, December 31, 2016, benefits and
Liability reduced (1,300)
Actuarial revaluation, December 31, 2016, change in
Mortality assumptions, increased liability 600
Actual return on plan assets - 2016 2,100
Fair value of plan assets, December 31, 2015 20,000
Funding payment at December 31, 2016 4,000
Benefits paid to retirees - 2016 2,000
Current service cost - 2016 1,900
Required -
1. Calculate the net defined benefit pension asset/liability at December 31, 2015.
2. For December 31, 2016, calculate the defined benefit obligation, fair value of plan assets and the net defined benefit pension asset or liability.
3. Calculate the three pension accounting elements and journal entries for service cost, net interest and revaluations for 2016.
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