What amounts should east report as a pension asset

Reference no: EM131791738

Question: On January 1, 2014, East Corporation adopted a defined benefit pension plan. At plan inception, the prior service cost was $60,000. In 2014, East incurred service cost of $150,000 and amortized $12,000 of prior service cost. On December 31, 2014, East contributed $160,000 to the pension plan. East assumes a 6% discount rate and 5% expected rate of return.

Required: At December 31, 2014, what amounts should East report as a pension asset (liability) and AOCI on its balance sheet?

Reference no: EM131791738

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