Reference no: EM132972141
Problem 1: The balance in the Defined Benefit Obligation on December 31, 2019 of a pension plan was revised to $7,800,000 upon an actuarial review. Prior to that, the computed amount was determined to be $7,920,000 also on December 31, 2019. How should the company record this change on the pension worksheet?
a. DEBIT-Defined Benefits Obligation, [$120,000] ; CREDIT-Obligation Other Comprehensive Income, [$120,000].
b. DEBIT-Defined Benefits Obligation, [$120,000]; CREDIT-Pension Fund Expenses , [$120,000].
c. DEBIT-Pension Fund Expenses, [$120,000]; CREDIT-Defined Benefits Obligation , [$120,000].
d. The company contributes a cash amount of $120,000 to the Pension Fund.
e. The company receives a cash amount of $120,000 from the Pension Fund as a reimbursement for the loss suffered.
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