Reference no: EM131262572
1. Arroz Corporation implemented a defined benefit pension plan for its employees on January 2, 20X4. The following data are provided for 20X6 and as of December 31, 20X6:
Projected benefit obligation $600,000
Accumulated benefit obligation 550,000
Plan assets at fair value 420,000
Pension cost for 20X6 180,000
Pension contribution for 20X6 150,000
Assume that as of January 1, 20X6, Arroz’s pension plan was fully funded, and there were no recorded pension assets or liabilities on the balance sheet. Assuming a tax rate of 40%, what is the net effect of the required adjustment on accumulated other comprehensive income on December 31, 20X6?
a. $90,000 decrease.
b. $36,000 decrease.
c. $108,000 decrease.
d. $0
2. Which of the following are required disclosures in the notes to the financial statements for a company with a defined benefit pension plan under ASC 715?
a. The funded status of its pension plan and the amounts recognized in the balance sheet showing separately the noncurrent assets, current liabilities, and noncurrent liabilities reported.
b. A reconciliation of the accumulated benefit obligation of its pension plan with its projected benefit obligation.
c. A reconciliation of the vested and non-vested benefit obligation of its pension plan with the accumulated benefit obligation.
d. A reconciliation of the accrued or prepaid pension cost reported in its balance sheet with the pension expense reported in its income statement.
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