contestada

Pension plan assets were $320 million at the beginning of the year. The return on plan assets was 5%. At the end of the year, retiree benefits paid by the trustee were $14 million and cash invested in the pension fund was $18 million. What was the amount of the pension plan assets at year-end?

Respuesta :

Answer:

the amount of the pension plan assets at year-end $340 million

Explanation:

The computation of the pension plan assets at year end is shown below:

Plan asset beginning of year $320 million  

Add: Actual return(5%×320)  $16 million  

Add: Cash contribution $18 million  

Less Retiree benefits ($14 million)

End of year pension plan asset $340 million

Hence, the amount of the pension plan assets at year-end $340 million

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