Lerchman Corp sponsors a defined-benefit pension plan for its employees. The company's actuary has provided the following information for the year ended December 31, 2022: Projected benefit obligation $730,000
Fair value of plan assets 860,000
Service cost 240,000
Interest on projected benefit obligation 24,000
Amortization of prior service cost 60,000
Expected and actual return on plan assets 82,500

The plan paid benefits of $150,000. The market-related asset value equals the fair value of plan assets. No contributions have been made for 2022 pension cost. In its December 31, 2022 balance sheet, Lerchman should report a pension asset / liability of

a. Pension liability of $730,000
b. Pension liability of $545,000
c. Pension asset of $130,000
d. Pension asset of $860,000

c. Pension asset of $130,000

Explanation:

Calculation for what Lerchman should report as pension asset / liability in its December 31, 2022 balance sheet

Using this formula

Balance sheet Pension Asset = Fair value of plan assets 12/31/22- Projected benefit obligation 12/31/22

Let plug in the formula

Balance sheet Pension Asset= $860,000 - $730,000

Balance sheet Pension Asset = $130,000

Therefore In its December 31, 2022 balance sheet, Lerchman should report a pension asset of $130,000

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