Richmond Company's defined benefit pension plan had a Projected Benefit Obligation (PBO) of $250,000 on January 1, 2021. During 2021, a) Richmond paid pension benefit of $30,000, b) the plan's discount rate was 10%; c) the plan's service cost was $95,0003; and d) the plan assets increased by $70,000. What is the value of Richmond's PBO at December 31, 2021? Multiple Choice $270,000 O $340,000 O $245,000 O $410,000

Richmond Company's defined benefit pension plan had a Projected Benefit Obligation (PBO) of $250,000 on January 1, 2021. During 2021, a) Richmond paid pension benefit of $30,000, b) the plan's discount rate was 10%; c) the plan's service cost was $95,0003; and d) the plan assets increased by $70,000. What is the value of Richmond's PBO at December 31, 2021? Multiple Choice $270,000 O $340,000 O $245,000 O $410,000

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 7RE

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