Business, 18.04.2020 00:59 Mypasswordishotdog11

Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2021 and 2022\.\* A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $150,000 for 2021 and $200,000 for 2022. Year-end funding is $160,000 for 2021 and $170,000 for 2022. No assumptions or estimates were revised during 2021.

Required:
Calculate each of the following amounts as of both December 31, 2009, and December 31, 2010:

a. Projected benefit obligation
b. Plan assets
c. Pension expense
d. Net pension asset/liability

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Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions o...

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