Reference no: EM133144375
Question - Bolt Ltd. has a defined benefit pension plan for its 250 employees. Pension information concerning the 2019 and 2020 fiscal years is presented below:
Information provided by the pension plan actuary
Defined benefit obligation (DBO), December 31, 2019 $2,500,000
Past service cost (PSC) from a plan amendment made January 2, 2020 120,000
Current service cost (CSC) for 2020 275,000
2020 interest cost on DBO, based on 10% discount rate 220,000
2020 actuarial gain on DBO arising from a change in estimate 180,000
Benefits paid 190,000
Funding for the year 400,000
Information provided by the pension plan trustee
Fair value of plan assets, January 1, 2020 $2,600,000
Actual return on plan assets 300,000
What is the balance of the DBO at December 31, 2020?
a. $2,925,000
b. $2,745,000
c. $2,305,000
d. $2,935,000
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