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Find what is the balance of the projected benefit obligation

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Reference no: EM132496381

The Marino Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 2018:

  1. The service cost was $950,000 during 2018 and $1,045,000 during 2019.
  2. The prior service cost amortization each year was $290,000.
  3. The contribution to the pension plan was $1,500,000 on December 31, 2018 and $1,800,000 on December 31, 2019.
  4. The actually determined discount rate and the expected return on plan assets was 10%.
  5. The actual return on plan assets was 9.5%.
  6. Retirement benefits pertaining to years of service prior to 2018 were granted to the employees. The prior service cost is being amortized over the remaining ten-year life of the employees.

Question 1: What is the balance of the projected benefit obligation as of December 31, 2019?

Reference no: EM132496381

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