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
C
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Natural resources, such as coal mines and oil wells, are classified as intangible assets
Indicate whether the statement is true or false
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Answer the following statement(s) true (T) or false (F)
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