Solution-Computing and recording minimum pension liability

Computing and recording minimum pension liability

Reference no: EM13553618

Computing and Recording Minimum Pension Liability

Burbank Power Co. has had a retirement program for its employees for several years. The following information relates to the plan for 2008.

Balances at December 31, 2008:
PBO	$1,023,000
ABO	945,000
FVPF	880,000
Market-related value of the pension fund (5-year weighted average)	820,000
Prepaid pension cost	35,000
Unrecognized prior service cost	139,000
Unrecognized net pension loss	48,700

In prior years, no additional liability was required. Compute the minimum pension liability, if any, for 2008, and prepare any necessary journal entries to record the minimum liability.

Reference no: EM13553618

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Computing and recording minimum pension liability

Reference no: EM13553618

Reference no: EM13553618

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