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What amount will hogwarts report in october balance sheet

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Reference no: EM132955224

The Hogwarts School of Wizardry has a noncontributory defined pension plan for its employees. On October the31st 2021 (the end of Hogwarts fiscal year) the following pension related data were Available:

Projected Benefit Obligation:

Balance November 1st 2020 440

Service cost 46

Interest cost (discount 5%) 22

Changes due to actuarial assumptions (this year) (13)

Pension benefits paid (22)

Balance October 31st 2021 473

Plan Assets:

Balance November 1st 2020 460

Actual return on plan assets 32 expected return on plan assets 37

Cash contributions 73

Pension benefits paid (22)

Balance October 31st 2021 543

November 1st 2020 balances:

Pension Asset 20

Prior Service Cost AOCI amortized 6 per year 42

Net Gain AOCI (any gain amortized over 10 years) 86

Required:

Problem A) Determine the balances on October 31st 2021 in:

A. PBO
B. Plan assets
C. Net gain AOCI
D. Prior service cost AOCI

Problem B) What amount will Hogwarts report in its October 31st balance sheet as net pension asset or net pension liability for the funded status of the plan?

Reference no: EM132955224

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