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20 July, 13:13

Pearsall Company's defined benefit pension plan had a PBO of $271,000 on January 1, 2021. During 2021, pension benefits paid were $46,000. The discount rate for the plan for this year was 8%. Service cost for 2021 was $88,000. Plan assets (fair value) increased during the year by $55,000. The amount of the PBO at December 31, 2021, was:

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  1. 20 July, 13:15
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    The amount of the PBO at Dec 31,2021 334,680

    Explanation:

    PBO on Jan 1,2021 271,000

    + Service cost 88,000

    + interest (271,000 x 8%) 21,680

    - pension benefits paid - 46,000

    PBO at Dec 31,2021 334,680
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Home » Business » Pearsall Company's defined benefit pension plan had a PBO of $271,000 on January 1, 2021. During 2021, pension benefits paid were $46,000. The discount rate for the plan for this year was 8%. Service cost for 2021 was $88,000.
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