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

Question

3 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

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1 answer:

Morgarella [4.7K] · Answer 1 · 2022-09-11T10:54:00+03:00

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