Pension plan at the beginning of current fiscal year

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Reference no: EM13134922

Iota Co. initiated a defined benefit pension plan at the beginning of the current fiscal year. Prior service cost was $240,000, of which $80,000 was amortized, and service cost was $60,000. Iota funded its prior service cost and its service cost with contributions of $50,000 and $60,000, respectively. No benefits were paid, and no changes in the projected benefit obligation (PBO) occurred as a result of experience different from that assumed or changes in assumptions. If the fair value of plan assets at year-end was $110,000, Iota should recognize a pension:

Reference no: EM13134922

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