Gorilla,Corp What Amount Should Gorilla Record as Additional Minimum Pension Liability

question 49

Multiple Choice

Gorilla,Corp.implemented a defined-benefit pension plan for its employees on January 2,2012.The following data are provided for year 2012,as of December 31:
$\begin{array}{l}\begin{array}{lll} \text {Accumulated benetit obligation }\\ \text {Plan assets at fair value }\\ \text {Net period pension expense}\\ \text {Employer's contribution}\\\end{array}\begin{array}{lll} \$ 103,000 \\78,000\\90,000\\70,000\\\end{array}\end{array}$
What amount should Gorilla record as additional minimum pension liability at December 31,2012?

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Definitions:

Par Value

The face value of a bond or stock as stated by the issuing company, which does not necessarily reflect its market value.

Earnings Distributed

Refers to the portion of a company's net income that is paid out to shareholders as dividends.

Accumulated Earnings

The total net income retained in a company for growth, expansion, and/ or reserve purposes, not distributed as dividends.

Financial Statements

Financial statements are formal records of the financial activities and position of a business, person, or other entity, presented in a structured manner.