AC 302 Week 5 Quiz 2

AC 302 Week 5 Quiz   2
Question The following information for Cooper Enterprises is given below:
                                                                                                  December 31, 2015
Assets and obligations
         Plan assets (at fair value)                                                               $400,000
         Accumulated benefit obligation                                                         740,000
         Projected benefit obligation                                                              800,000
Other Items
         Pension asset / liability, January 1, 2015                                            20,000
        Contributions                                                                                   240,000
         Accumulated other comprehensive loss                                            335,800

There were no actuarial gains or losses at January 1, 2015. The average remaining service life of employees is 10 years.

What is the amount that Cooper Enterprises should report as its pension liability on its balance sheet as of December 31, 2015?

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