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nataly862011 [7]
3 years ago
7

On January 1, 2018,Gillock Climbing Academy instituted a defined benefit pension plan for its employees. The annual service cost

for each year of 2018 and 2019 was $600,000. The interest rate used to determine the projected benefit obligation is 10%. Both the actual and the expected return on plan assets are 8% for both years. Gillock funded the plan in the amount of $400,000 each January 1, beginning on January 1, 2018. } What pension liability should Gillock report in its balance sheet for the year ended December 31, 2019
Business
1 answer:
Ivan3 years ago
3 0

Answer:

Find the answer below in explanation

Explanation:

Gillock Climbing Academy Pension Expense for the year 2019 will be recorded as

Service cost ............................................. 600,000.00

Interest (600000 × 10%)................................60,000.00

plan assets (40000 from 2018 + 32000 interest + 400000 made in current year)............... 832000

Expected return Interest on plan asset (832000*8%) ........................................ 66,560.00

Pension Expense for the year ended December 31, 2019 = 600000 -  (66,560.00 - 60000)

= 600,000−6,560

= $593,440.00

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3 0
3 years ago
In its first year of operations, Wildhorse Co. recognized $33,700 in service revenue, $7,800 of which was on account and still o
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Answer:

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revenues                   33,700

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cash basis: we recognize based on the cash collection or disbursement:

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4 0
3 years ago
All _____________must become part of the federal reserve system.
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All  <u>national banks</u> become part of the federal reserve system.

<h3>What is federal reserve system?</h3>

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National banks are also known as commercial bank and this commercial banks are under  central bank supervision.

Therefore all  <u>national banks</u> become part of the federal reserve system

Learn more about Federal reserve system here:brainly.com/question/1997750

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7 0
2 years ago
Good that cost one half dollar in the U.S. cost one euro in Germany, the real exchange rate would be computed as how many German
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