problem Can you show me how to calculate this I have uploaded the data In my last calculation I got $231700 for pension liabilities but I'm not certain that this is correct and since this is my last available attempt I want to make sure that I'm calculating it correctly.
Exercise 20-11 (Part Level Submission)
Novak Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid.
1.The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $55,500.2.The company's funding policy requires a contribution to the pension trustee amounting to $136,360 for 2017.3.As of January 1, 2017, the company had a projected benefit obligation of $894,500, an accumulated benefit obligation of $806,900, and a debit balance of $396,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $600,000 at the beginning of the year. The actual and expected return on plan assets was $53,500. The settlement rate was 8%. No gains or losses occurred in 2017 and no benefits were paid.4.Amortization of prior service cost was $49,800 in 2017. Amortization of net gain or loss was not required in 2017.
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