Reference no: EM132885938
Question - On January 1, 2021, S Co. has the following data relating to its defined benefit plan:
Fair value of plan assets 2,000,000
Defined benefit obligation 3,600,000
Deficit (1,600,000)
During the year 2021, S Co. recognized the following:
Past service cost 600,000
Current service cost 1,400,000
Benefits paid during the period 720,000
Actual Return on plan assets 160,000
Contributions to the fund 800,000
Actuarial loss due to increase in DBO 200,000
Discount rate 10%
1. How much is the fair value of plan assets as of December 31, 2021?
a. 2,080,000
b. 2,280,000
c. 2,960,000
d. 2,240,000
2. How much is the defined benefit obligation as of December 31, 2021?
a. 5,440,000
b. 4,440,000
c. 5,960,000
d. 6,160,000
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