Huggins Company Has the Following Information at December 31, 2015

question 86

Multiple Choice

Huggins Company has the following information at December 31, 2015 related to its pension plan: $\begin{array}{lr}\text { Projected benefit obligation } & \$ 4,000,000 \\\text { Accumulated benefit obligation } & 3,200,000 \\\text { Plan assets (fair value) } & 4,350,000 \\\text { Accumulated } \mathrm{OCl} \text { (PSC) } & 300,000\end{array}$ The amount of pension asset / liability Huggins Company would recognize at December 31, 2015 is

• A) Pension liability of $300,000.
• B) Pension asset of $1,150,000.
• C) Pension liability of $800,000.
• D) Pension asset of $350,000.

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Definitions:

CLIA-waived

Refers to tests that are simple laboratory examinations and procedures that have an insignificant risk of an erroneous result under the Clinical Laboratory Improvement Amendments.

Bilirubin

A yellow substance that is produced during the normal breakdown process of heme in vertebrates and is eliminated through the bile.

Urobilinogen

A byproduct of bilirubin reduction that is present in urine and stool, used as an indicator in diagnosing liver and blood disorders.

Leukocytes

White blood cells that are part of the immune system, protecting the body against infection and disease.