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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The projected benefit obligation was $460 million at the beginning of the year and $493 million at the end of the year. Service cost for the year was $31 million. At the end of the year, there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%.

What was the amount of the retiree benefits paid by the trustee?

Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10).

Answer is complete but not entirely correct.
$
41 million
Retiree benefits

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