Pension data for Fahy Transportation Inc. include the following: (in millions Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 11% Projected benefit obligation, January 1 Plan assets (fair value, January 1 Plan assets (fair value), December 31 Benefit payments to retirees, December 31 $630 600 650 69 Required Assuming cash contributions were made at the end of the year, what was the amount of those contributions? Cash contributions million

$53

Explanation:

The merged data in the question have to be separated first before answering the question as follows:

Projected benefit obligation, January 1 = $630

Plan assets (fair value), January 1 = $600

Plan assets (fair value) December 31 = $650

Benefit payments to retirees, December 31 = $69

Actual return = Plan assets (fair value), January 1 × 11% = $600 × 11% = $66

Cash contribution = Plan assets (fair value) December 31 - Plan assets (fair value), January 1 - Actual Return + Benefit payments to retirees, December 31

Therefore, we have:

Cash contribution = $650 - $600 - $66 + $69 = $53

Therefor, the amount of those contributions is $53.

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