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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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Answer: Fundamental attributional error.

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Frank is making a fundamental attributional error when judging the cause of Anna's inability to meet sales target. Frank is blaming her failure based on her character rather than on the real reason which is the attractive sales offer of their competitors. Fundamental attributional error is an error which arises from judging a person's action based on their character without considering other possible external causes.

8 0
2 years ago
Which of the following costs do not vary with the amount of output a firm produces? a. average fixed costs b. fixed costs and av
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Answer:

d. fixed costs

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3 years ago
Which of the following does not influence parent-child relationship​
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Monetary Contribution

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The type of care and attention that parents give to their children tend to be voluntary. It's purely based on unconditional love and affection. This is why we don't consider monetary contribution as a factor that influence parent-child relationship​.

6 0
2 years ago
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Answer:

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8 0
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TEA [102]

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