A Company Has a Defined Benefit Pension Asset of $1,050,000

question 86

Essay

A company has a defined benefit pension asset of $1,050,000 at the beginning of the year.The company contributes $5,500,000 to the pension during the year and records a pension expense of $8,200,000.
Requirement:
Determine the value of the defined benefit pension liability at year-end.

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Definitions:

Keystone Species

A species that plays a critical role in maintaining the structure of an ecological community, affecting many other organisms in an ecosystem.

Pioneer Species

The first species to colonize previously disrupted or damaged ecosystems, starting a chain of ecological succession that ultimately leads to a more biodiverse steady-state ecosystem.

Herbivory

The eating of plants by animals, a biological interaction essential for energy transfer in many ecosystems.

Endemic Species

Species that are found only in a specific geographical area and nowhere else in the world.