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What amount should kane report as pension asset

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Reference no: EM131806147

Question - The following information pertains to Kane Co.'s defined benefit pension plan for 20X8:

Pension Asset/Liability Jan. 1 $2,000 Db.

Service Cost 19,000

Interest Cost 38,000

Actual Return on Plan Assets 22,000

Amortization of Unrecognized

Prior Service Cost 52,000

Employer Contributions 40,000

Expected Return on Plan Assets 18,000

In its December 31, 20X8 balance sheet, what amount should Kane report as pension asset/liability?

a. $10,000 credit

b. $12,000 debit

c. $7,000 debit

d. $8,000 credit

Reference no: EM131806147

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