What amount will electronic distribution report

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Reference no: EM13138572

electronics distribution has a defined benefit pension plan. Characteristic of the plan during 2011 are as follows

pbo balance january 1 480
plan assets balance january 1 300
service cost 75
interest cost 45
gain from change in actuarial assumption 22
benefits paid (36)
actual return on plan assets 20
contributions 2011 60

the expected long term rate of return on plan assets was 8%. There were no aoci balances related to pensions on january 1, 2011, but at the end of 2011, the
company amended the pension formula creating a prior service cost of 12million. Two-thirds of which is related to employees whose pension benefits have vested

1 calculated the pension expense for 2011
2 prepare the journal entry to record pension expense, gains or losses, prior service cost, funding, and payment of benefits for 2011
3 what amount will electronic distribution report in its 2011 balance sheet as a net pension asset or net pension liability

Reference no: EM13138572

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