At December 31, 2020, Windsor Corporation had a projected benefit obligation of $504,700, plan assets of $342,200, and prior service cost of $128,700 in accumulated other comprehensive income

Accounting Aug 08, 2020

At December 31, 2020, Windsor Corporation had a projected benefit obligation of $504,700, plan assets of $342,200, and prior service cost of $128,700 in accumulated other comprehensive income.

Determine the pension asset/liability at December 31, 2020. (Enter liability using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Pension asset/liability at December 31, 2020

Expert Solution

Computation of Pension asset/liability at December 31, 2020:

Plant Assets = $342,200

Less: Projected Benefit Obligation = $504,700

Pension Liability at December 31, 2020 = -$162,500

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