Question: On January 1, 2016, Carrot ltd. reported the following balances relating to their defined benefit pension plan:
Defined benefit obligation $3,200,000
Fair Value of plan assets $3,200,000
Other data that is related to the plan includes
Current service cost $140,000
Contributions to the plan $204,000
Actual return on plan assets $192,000
Benefits paid $200,000
Interest (discount) rate 9%
How do you calculate the defined benefit obligation at December 31, 2016? As well as how do you calculate fair value of the plan assets at December 31, 2016? Also how would you calculate the pension expense for 2016? Finally, which journal entries would you need to record pension expense and the contributions in 2016?
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