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Anna71 [15]
3 years ago
15

JDS Foods’ projected benefit obligation, accumulated benefit obligation, and plan assets were $65 million, $55 million, and $37

million, respectively, at the end of the year.What, if any, pension liability must be reported in the balance sheet?What would JDS report if the plan assets were $89 million instead?
Business
1 answer:
Kitty [74]3 years ago
6 0

Answer:

a) $28 Million

b) -$24 Million

Explanation:

The first part of the question is to determine the pension liability tht should be reported in the balance sheet

To do this, we use the following formula

Projected Benefit Obligation - The Plan Assets

= $65 million - $37 Million = $28 Million

Part B) This part says to dettermine the amount JDS would report if the planned asset increase to $89 million

The formula Projected Benefit Obligation - The Plan Assets  still should be used but there is a difference as follows

$65 million - $89 Million = -$24 Million

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