On January 1 of the current reporting year, Coda Company's projected benefit obligation was $3,000,000. During the year, pension benefits paid by the trustee were $400,000. Service cost was $875,000 . Pension plan assets earned $325,000 as expected. At the end of the year, there was no net gain or loss and no prior service cost. The actuary's discount rate was 10%.

On January 1 of the current reporting year, Coda Company's projected benefit obligation was $3,000,000. During the year, pension benefits paid by the trustee were $400,000. Service cost was $875,000 . Pension plan assets earned $325,000 as expected. At the end of the year, there was no net gain or loss and no prior service cost. The actuary's discount rate was 10%.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6RE

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