The Following Information Pertains to Grumpy Company's Defined Benefit Pension

question 17

Essay

The following information pertains to Grumpy Company's defined benefit pension plan:
$\begin{array}{ll}\text { Pension asset as of } 1 / 01 / 14 & \$ 4,000 \\2014 \text { service cost } & \$ 38,000 \\2014 \text { interest cost } & \$ 76,000 \\2014 \text { prior service cost amortization } & \$ 12,000 \\2014 \text { expected return on plan assets } & \$ 44,000 \\2014 \text { plan asset contributions } & \$ 80,000 \\\text { Unamortized prior service cost as of } 1 / 01 / 14 & \$ 48,000\end{array}$
What amount should Grumpy record as a pension asset on its December 31,2014 balance sheet?

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