Reference no: EM131791740
Question: The following information pertains to Kane Company's defined benefit pension plan:
Balance sheet asset, 1/1/14 $2,000
AOCI-prior service cost, 1/1/14 24,000
Service cost 19,000
Interest cost 38,000
Expected return on plan assets 22,000
Prior service cost amortization 6,000
Employer contributions 40,000
Kane has no net actuarial gains or losses in AOCI.
Required: In its December 31, 2014, balance sheet, what amount should Kane report as a pension asset (liability)?
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