Question

At December 31, 2017, Sweet Corporation had a projected benefit obligation of $561,600, plan assets of $331,900, and prior service cost of $120,300 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2017. (Enter liability using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pension asset/liability at December 31, 2017

Answer 1

Answer:

Pension liability at December 31, 2017 is ($229,700)

Explanation:

Projected benefit obligation                         $561,600

Less: Plan assets                                           $331,900

Pension liability at December 31, 2017     -$229,700