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Helga [31]
3 years ago
14

Zink Co.’s defined benefit pension plan had plan assets with a fair value of $325,000 at December 31, year 8, and of $375,000 at

December 31, year 9. During year 9, Zink Co. recognized pension expense of $120,000 and contributed a total of $130,000 to the plan. Certain plan investments, which had a cost and carrying value of $125,000, were sold for $70,000 and payments to retirees for pension benefits amounted to $150,000. What was the actual return on plan assets?
Business
1 answer:
Lady_Fox [76]3 years ago
8 0

Answer:

C. A return of $70000

Explanation:

Given that

Beginning plan asset = 325000

End plan asset = 375000

Contributions = 130000

Total avalable assets initially = beginning plan asset + contributions

= 325000 + 130000

= 455,000.

Distributions of pension resulted in less 150000

Thus,

Balance = 455000 - 150000

= 305000.

But recall that the ending balance was

375000

Thus,

The difference between 375000 and 305000 = $70000, represents the return on plan assets.

Hence return on plan assets

= $70,000

NOTE that, the loss of $55,000 from sale of specific investments is included in the net gain of $70,000

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