Pension liability on balance sheet, Accounting Basics

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Pension liability on balance sheet

Johnson, Inc. sponsors a defined-benefit pension plan. The following balance sheet data relates to the plan on December 31, 2013: Plan assets (at fair value), $1,000,000; Accumulated benefit obligation, $1,450,000; Projected benefit obligation, $1,750,000. Contributions of $115,000 were made to the plan during the year. What amount should Johnson report as its pension liability on its balance sheet as of December 31, 2013?

a) $635,000

b) $750,000

c) $1,450,000

d) $1,750,000

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Accounting Basics: Pension liability on balance sheet

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Accounting Basics: Pension liability on balance sheet

Reference No:- TGS045888

Recent Questions Asked Accounting Basics

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