Gage began a defined benefit pension plan on January 1, 2015. During 2015, the service cost was $450,000. Gage contributed $450,000 to the pension plan for 2015. The actuary said the projected benefit obligation at December 31, 2015 was $450,000. As of December 31, 2015, what statements can Gage make about the pension plan?
I.The pension plan is fully funded.II.Gage does not need to report a liability regarding the pension plan at December 31, 2015.?
A. I
B. II
C. both I and II
D. neither I nor II
Answer: C
You might also like to view...
Explain the concept of greenwashing along with an example
What will be an ideal response?
A deposition is oral testimony given by a party or witness during the trial
Indicate whether the statement is true or false
________ typically measures the cost of bringing product into a facility as a percentage of sales or cost of goods sold (COGS)
A) Average outbound transportation cost B) Average inbound transportation cost C) Average incoming shipment size D) Average inbound transportation cost per shipment
Boyd files a suit in a federal district court against Cathy. Cathy loses the suit, appeals to the U.S. Court of Appeals for the Second Circuit, and loses again. Cathy asks the United States Supreme Court to hear the case. The Court is
A. not required to hear the case. B. required to hear the case because Cathy lost in a federal court. C. required to hear the case because Cathy lost in a lower court. D. required to hear the case because it is an appeal.