The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC).
- What was the net pension asset/liability reported in the balance sheet at the end of the year?

Question

The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). 
- What was the net pension asset/liability reported in the balance sheet at the end of the year?

Quizplus · Accepted Answer

Service cost (from pension expense column) = $62 = ($62) in the PBO column
Interest cost (from pension expense column) = $49 = ($49) in the PBO column
Loss on PBO (given) = ($8)
Retiree benefits (from plan assets column) = ($65) = $65 in the PBO column
Ending PBO = ($700) + (62) + (49) + (8) + 65 = ($754)
Net pension liability = ($754) + 730 = ($24)

The Following Incomplete (Columns Have Missing Amounts) Pension Spreadsheet Is