On January 1, 2021, Ravetch Corporation’s projected benefit
obligation was $35 million. During 2021, pension benefits paid by
the trustee were $6 million. Service cost for 2021 is $11 million.
Pension plan assets (at fair value) increased during 2021 by $9
million as expected. At the end of 2021, there were no
pension-related other comprehensive income (OCI) accounts. The
actuary’s discount rate was 11%.
Required:
Determine the amount of the projected benefit obligation at
December 31, 2021. (Enter your answers in millions rounded
to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).
Amounts to be deducted should be indicated with a minus
sign.)
|
|
| Projected Benefit Obligation |
| Beginning of 2021 |
|
|
|
|
|
|
|
|
|
| End of 2021 |
$0.00 |
|
The following data relate to Ramesh Company’s defined benefit
pension plan:
|
($ in millions) |
| Plan assets at fair value, January 1 |
$ |
700 |
|
| Expected return on plan assets |
|
70 |
|
| Actual return on plan assets |
|
56 |
|
| Contributions to the pension fund (end of year) |
|
120 |
|
| Amortization of net loss |
|
13 |
|
| Pension benefits paid (end of year) |
|
15 |
|
| Pension expense |
|
92 |
|
|
Required:
Determine the amount of pension plan assets at fair value on
December 31. (Enter your answers in millions. Amounts to be
deducted should be indicated with a minus sign.)
|
|
| Pension Plan Assets |
| Beginning of the year |
|
|
|
|
|
|
|
|
|
| End of the year |
$0 |
|