D is corrent. Pension asset (liability) is the excess of the amount funded over the amount recorded as pension expense. The amount funded is $167,200 ($110,000 service cost + $57,200 funding of prior service cost). Pension expense is $151,700 ($110,000 service cost + $41,700 amortization of prior service cost). Therefore, pension asset/liability is $15,500 ($167,200 – $151,700).
A is incorrect. Pension asset (liability) is the excess of the amount funded over the amount recorded as pension expense. The amount funded is $167,200 ($110,000 service cost + $57,200 funding of prior service cost). Pension expense is $151,700 ($110,000 service cost + $41,700 amortization of prior service cost). Therefore, pension asset/liability is $15,500 ($167,200 – $151,700).
B is incorrect. Pension asset (liability) is the excess of the amount funded over the amount recorded as pension expense. The amount funded is $167,200 ($110,000 service cost + $57,200 funding of prior service cost). Pension expense is $151,700 ($110,000 service cost + $41,700 amortization of prior service cost). Therefore, pension asset/liability is $15,500 ($167,200 – $151,700).
C is incorrect. Pension asset (liability) is the excess of the amount funded over the amount recorded as pension expense. The amount funded is $167,200 ($110,000 service cost + $57,200 funding of prior service cost). Pension expense is $151,700 ($110,000 service cost + $41,700 amortization of prior service cost). Therefore, pension asset/liability is $15,500 ($167,200 – $151,700).
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