Cey Company has a defined benefit pension plan. Cey's policy is to fund net periodic pension cost annually, payment to an inc trustee being made 2 months after the end of each year. Data relating to the pension plan for year 5 are as follows: Net pension cost for year 5 Unrecognized prior service cost, 12/31/Y5 Accumulated benefit obligation, 12/31/Y5 Fair value of plan assets, 12/31/Y5 Projected benefit obligation 12/31/Y5 Current $190,000 150,000 480,000 500,000 How much should appear on Cey's balance sheet at December 31, year 5, for pension liability? Noncurrent 500,000

Cey Company has a defined benefit pension plan. Cey's policy is to fund net periodic pension cost annually, payment to an inc trustee being made 2 months after the end of each year. Data relating to the pension plan for year 5 are as follows: Net pension cost for year 5 Unrecognized prior service cost, 12/31/Y5 Accumulated benefit obligation, 12/31/Y5 Fair value of plan assets, 12/31/Y5 Projected benefit obligation 12/31/Y5 Current $190,000 150,000 480,000 500,000 How much should appear on Cey's balance sheet at December 31, year 5, for pension liability? Noncurrent 500,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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