The following data relate to Hick's Cable Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 790 Expected return on plan assets 79 Actual return on plan assets 63 Contributions to the pension fund (end of year) 138 Amortization of net loss 16 Pension benefits paid (end of year) 24 Pension expense 110 Required: Determine the amount of pension plan assets at fair value on December 31.
The following data relate to Hick's Cable Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 790 Expected return on plan assets 79 Actual return on plan assets 63 Contributions to the pension fund (end of year) 138 Amortization of net loss 16 Pension benefits paid (end of year) 24 Pension expense 110 Required: Determine the amount of pension plan assets at fair value on December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data relate to Hick's Cable Company’s defined benefit pension plan:
| ($ in millions) | |||
| Plan assets at fair value, January 1 | $ | 790 | |
| Expected return on plan assets | 79 | ||
| Actual return on plan assets | 63 | ||
| Contributions to the pension fund (end of year) | 138 | ||
| Amortization of net loss | 16 | ||
| Pension benefits paid (end of year) | 24 | ||
| Pension expense | 110 | ||
Required:
Determine the amount of pension plan assets at fair value on December 31.
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