question archive The following information relates to the defined benefit pension plan of Orchard Company as of December 31, 2005: Unrecognized net loss from prior years
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The following information relates to the defined benefit pension plan of Orchard Company as of December 31, 2005:
Unrecognized net loss from prior years ................. |
43,000 |
Market-related value of pension plan assets ............ |
2,343,000 |
Accumulated benefit obligation ......................... |
2,500,000 |
Unrecognized prior service cost ........................ |
400,000 |
Fair value of pension plan assets ...................... |
2,557,000 |
Projected benefit obligation ........................... |
2,800,000 |
What amount should be shown on Orchard's December 31, 2005 balance sheet as "Prepaid/Ac- crued Pension Cost?" Clearly indicate whether the amount should be shown as a liability or an as- set.
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