Reference no: EM132862961
Questions -
Q1. Chester Company has a defined benefit plan. The fair value of plan assets on January 1, 2005, was $1,500,000. No unrecognized net loss or gain existed. On December 31, 2005, the fair value of the plan assets was $1,860,000. Benefits paid to retirees equaled $300,000. Company contributions to the plan totaled $360,000. The settlement rate was 8 percent, and the expected long-term rate of return on plan assets was 10 percent. The actual return on plan assets was
a. $150,000.
b. $180,000.
c. $224,000.
d. $300,000.
Q2. The following information relates to Irasly Inc. at December 31, 2005:
Fair value of plan assets $1,520,000
Market related asset value 1,440,000
Accumulated benefit obligation 1,960,000
Projected benefit obligation 2,040,000
Unrecognized prior service cost 24,000
Prepaid/accrued pension cost 0
The net defined benefit liability at dec 31, 2002, for Irasly Inc is
a. $0.
b. $440,000.
c. $480,000.
d. $520,000.
Q3. On January 1, 2005, Cubs Corporation adopted a defined benefit pension plan. The plan's service cost of $150,000 was fully funded at the end of 2005. Prior service cost was funded by a contribution of $60,000 in 2005. Amortization of prior service cost was $24,000 for 2005. What is the amount of Cub's prepaid pension cost at December 31, 2005?
a. $36,000
b. $60,000
c. $84,000
d. $90,000
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