At December 31, 2020, Sweet Corporation had a projected benefit obligation of $554,800, plan assets of $317,000, and prior service cost of $127,500 in accumulated other comprehensive income. What amount should pension asset/liability be credit at December 31, 2020

The amount should pension liability be credit at December 31, 2020 would be $(237,800)

Explanation:

In order to calculate the amount should pension asset/liability be credit at December 31, 2020 we would have to make the following calculation according to the given data:

amount pension asset/liability=Project benefit obligation+Plan assets at fair value

amount pension asset/liability=$(554,800)+$317,000

amount Pension liability= $(237,800)

The amount should pension liability be credit at December 31, 2020 would be $(237,800)

Project benefit obligation= $(560,000)

Plan assets at fair value= 322,000

Pension liability= $(238,000)

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