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The following information for Cooper Enterprises is given below:
December 31, 2015
Assets and obligations
Plan assets (at fair value) $400,000
Projected benefit obligation 800,000
Other Items
Contributions 240,000
Accumulated other comprehensive loss 335,800
There was a Pension asset of 20,000, and no AOCI gains or losses at January 1, 2015. The average remaining service life of employees is 10 years.
A. What is the pension expense that Cooper Enterprises should report for 2015? a. $324,200 b. $440,000 c. $240,000 d. $335,800
B. What is the amount that Cooper Enterprises should report as its pension liability on its balance sheet as of December 31, 2015?
a. $400,000 b. $60,000 c. $740,000 d. $800,000
C. The amortization of Other Comprehensive Loss for 2016 is:
a. $0 b. $25,580 c. $46,000 d. $33,580
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