29 Jun Question Stanley-Morgan Industries adopt
Question
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2011. 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. A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is 150,000 for 2011 and 200,000 for 2012. Year-end funding is 160,000 for 2011 and 170,000 for 2012. No assumptions or estimates were revised during 2011.
Required:
Calculate each of the following amounts as of both December 31, 2011, and December 31, 2012.
Projected benefit obligation
Plan assets
Pension expense
Netpension asset or net pension liability
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