Given the Following Information, Compute December 31, 2012 Projected Benefit

question 35

Essay

Given the following information, compute December 31, 2012 projected benefit obligation (PBO) and fair market value (FMV) of plan assets for Eagan Company.
$\begin{array}{|l|l|}\hline \text { Prior service cost ganted in a } 2012 \text { plan amencment } & \$ 115,000 \\\hline \text { Interest on PBO } & 73,000 \\\hline \text { Actual return on plan assets } & 101,000 \\\hline \text { Service cost } & 84,000 \\\hline \text { Contribution sent to plan trustee } & 62,000 \\\hline \text { Benefit payments to retirees } & 24,000 \\\hline \text { Liability loss(gain) } & (37,000 \\\hline \text { FMV of plan assets, January 1, 2012 } & 735,000 \\\hline \text { PBO, Jamury 1, 2012 } & 814,000 \\\hline &\end{array}$ What amount of asset or liability will be reported on the balance sheet at December 31, 2012?

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Definitions:

Protected Health Information (PHI)

Any information within the healthcare setting that can be used to identify an individual and that was created, used, or disclosed in the course of providing a healthcare service, such as diagnosis or treatment.

Business Associate Agreement (BAA)

A contract between a HIPAA-covered entity and a third-party service provider in which the service provider agrees to safeguard PHI (Protected Health Information) in compliance with HIPAA regulations.

Journalizing

Entries on the daily log; when an entry is made on the manual day sheet.

Computerized Practice Management Software

Digital tools designed to streamline the administrative and billing operations in medical practices.