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24 April, 10:10

At December 31, 2020, Sweet Corporation had a projected benefit obligation of $554,800, plan assets of $317,000, and prior service cost of $127,500 in accumulated other comprehensive income. What amount should pension asset/liability be credit at December 31, 2020

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  1. 24 April, 10:58
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    The amount should pension liability be credit at December 31, 2020 would be $ (237,800)

    Explanation:

    In order to calculate the amount should pension asset/liability be credit at December 31, 2020 we would have to make the following calculation according to the given dа ta:

    amount pension asset/liability=Project benefit obligation+Plan assets at fair value

    amount pension asset/liability=$ (554,800) + $317,000

    amount Pension liability = $ (237,800)

    The amount should pension liability be credit at December 31, 2020 would be $ (237,800)

    Project benefit obligation = $ (560,000)

    Plan assets at fair value = 322,000

    Pension liability = $ (238,000)
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Home » Business » At December 31, 2020, Sweet Corporation had a projected benefit obligation of $554,800, plan assets of $317,000, and prior service cost of $127,500 in accumulated other comprehensive income.
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