The following data relate to Voltaire Company\'s defined benefit pension plan: (

Question

The following data relate to Voltaire Company's defined benefit pension plan: (s in millions) Plan assets at fair value, January1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense $640 64 51 108 15 80 equired: etermine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted hould be indicated with a minus sign.) Pension Plan Assets Beginning of the year End of the year

Explanation / Answer

CALCULATION OF THE PENESION FAIR VALUE AT DECEMBER 31 PARTICULARS AMOUNT Beginning of the year $                           640 Add: Actual return on plant assets $                             51 Add: Contribution to pension fund $                           108 Less: Amortization of net loss $                           -11 Less: Pension beefits Paid $                           -15 Less: Pension Exoemses $                           -80 Closing Balance of the year $                           693

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