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kifflom [539]
2 years ago
6

At December 31, 2020, Concord Corporation had a projected benefit obligation of $551,500, plan assets of $313,400, and prior ser

vice cost of $134,800 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2020. (Enter liability using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pension asset/liability at December 31, 2020
Business
1 answer:
Morgarella [4.7K]2 years ago
3 0

Answer:

$238,100

Explanation:

Calculation to Determine the pension asset/liability at December 31, 2020

Using this formula

Pension asset/liability at December 31, 2020= Projected benefit obligation -Plan assets

Let plug in the formula

Pension asset/liability at December 31, 2020=$551,500 - $313,400

Pension asset/liability at December 31, 2020= $238,100

Therefore Pension asset/liability at December 31, 2020 is $238,100

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This can be calculated as follows:

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Assuming the use of a 365-day year, Barry Bees, Inc.'s Cost of Goods Sold equals $10,000. A. Its Beginning Inventory was $800, a
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