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Amalgamated Motor report the following information about its defined benefit pension plan: Plan assets at...

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Accounting

Amalgamated Motor report the following information about its defined benefit pension plan: Plan assets at fair value (1/1/2020): $500 million, Expected return on plan assets: 12%, Actual return on plan assets: 8%, Contributions to the pension fund (10/31/2020): $80 million, Pension benefits paid (7/20/2020): $120 million, Pension expense (year of 2020): $60 million. What is the value of Amalgamated Motors plan assets on 12/31/2020?

a.

$440 million
b.

$500 million
c.

$480 million
d.

$80 million
e.

$520 million

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