Use the Following Information for Questions 74 Through 76

question 137

Multiple Choice

Use the following information for questions 74 through 76.
The following data are for the pension plan for the employees of Lockett Company. Lockett's contribution was $420,000 in 2015 and benefits paid were $375,000. Lockett
estimates that the average remaining service life is 15 years.
-The actual return on plan assets in 2015 was

• A) $300,000.
• B) $255,000.
• C) $200,000.
• D) $155,000.

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Definitions:

Fixed Fee

A predetermined fee paid to a lawyer for completing a specific task.

Hourly Rate

A method of compensation based on the number of hours worked, typically used for freelance or temporary jobs.

Contingency Fee

A fee paid to a lawyer that is based on a percentage of the sum recovered by the client.

Contingency Fee Agreements

Contracts between lawyers and their clients where fees are only owed if the lawsuit is won, typically as a percentage of the recovery.