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QUESTION
Montoya Company has available the following information about its defined benefit pension plan for the year ended December 31,2011.
Montoya Company has available the following information about its defined benefit pension plan for the year ended December 31,2011.$ 25,000683,000630,000300,000505,000725,000865,00090,00064,000a. Calculate the pension asset/liability to be recorded at december 31, 2011.
Solution:(a) $865,000 - $630,000 = $235,000 Pension liability.(b) [$90,000 – ($865,000 X 10%)] ÷ 10 = $350.