On January 1, 2018,Gillock Climbing Academy Instituted a Defined Benefit

question 186

Multiple Choice

On January 1, 2018,Gillock Climbing Academy instituted a defined benefit pension plan for its employees. The annual service cost for each year of 2018 and 2019 was $600,000. The interest rate used to determine the projected benefit obligation is 10%. Both the actual and the expected return on plan assets are 8% for both years. Gillock funded the plan in the amount of $400,000 each January 1, beginning on January 1, 2018.
- What pension liability should Gillock report in its balance sheet for the year ended December 31, 2019?

• A) $361,440
• B) $393,440
• C) $421,440
• D) $481,440

---

Definitions:

#TakeAction Campaign

A hashtag or social media campaign designed to encourage followers to engage in specific activities or support a cause.

International Social Media

The practice of managing social media accounts across different countries, considering cultural differences and language barriers to reach a global audience.

Blessings In A Backpack

A non-profit organization that provides food for children on the weekends who might otherwise go hungry.

Social Care Plan

A plan developed to address and manage the social media interactions of a company, especially in responding to customer inquiries and feedback.