Sharpie Corporation has a defined benefit plan for its employees. Listed below are three independent scenarios for Sharpie Corporation.
Prior Service Cost $50
Projected Benefit Obligation 1,000
Deferred Net Pension Gain 200
Accumulated Benefit Obligation 850
Fair Value of Plan Assets $900
Requirement:
Determine the amount of pension-related asset/liability that is required to be reported on the Statement of Financial Position. Also state if this is a Pension Asset or Pension Liability.
Answer must be typed as following; if your answer is Pension Asset $200 then type Pension Asset 200, if your answer is Pension Liability $200 then type Pension Liability 200