Question

The following information for Cooper Enterprises is given below:                                 &nb

The following information for Cooper Enterprises is given below:

                                                                                                                        December 31, 2015

Assets and obligations

         Plan assets (at fair value)                                                                                $400,000

         Accumulated benefit obligation                                                                       640,000

         Projected benefit obligation                                                                             700,000

Other Items

         Pension asset / liability, January 1, 2015                                                            20,000

         Contributions                                                                                                    250,000

         Accumulated other comprehensive loss                                                          335,800

There were no actuarial gains or losses at January 1, 2015. The average remaining service life of employees is 12 years.

    1.     What is the pension expense that Cooper Enterprises should report for 2015?

a.   $304,200

b.   $314,200

c.   $250,000

d.   $335,800

     

    2.     What is the amount that Cooper Enterprises should report as its pension liability on its balance sheet as of December 31, 2015?

a.   $60,000

b.   $640,000

c.   $300,000

d.   $700,000

    3.     The amortization of Other Comprehensive Loss for 2016 is:

            a.   $0

            b.   $15,580

            c.   $22,150

            d.   $33,580

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