Use the "QUESTION INFORMATION" below to answer the next 8 questions about Zion Company's pension plan [Questions 31-38]. The first set of 4 questions refer to Zion's pension plan for 2022. The second set of 4 questions refer to Zion's pension plan for 2023. Each question is worth 2.5 points.
QUESTION INFORMATION: The table below is arranged alphabetically and contains information related to the defined-benefit pension plan sponsored by Zion Company. As of January 1, 2022, the plan assets balance is $4,800, the projected benefit obligation is $6,300, and the prior service cost-AOCI and gain/loss-AOCI balances are $0. As of January 1, 2023, the average remaining service period is 5 years. Beginning in 2023, the prior service cost-AOCI balance is amortized on a straight-line basis over the average remaining service period.
Actual return on plan assets
Benefits paid to retirees
Cash contributions to the plan
Change in actuarial assumptions, increase in
PBO
Discount/settlement rate
Expected rate of return on plan assets
Prior service cost (January 1, 2023 plan
amendment)
Service cost
2022 2023
$750 $600
$910 $1,050
$860 $1,000
- $195
5 percent 4 percent
11 percent 10 percent
- $1,270
$1,625 $1,300
QUESTION TO ANSWER: Zion's December 31, 2023 plan assets balance is
$____
6,372
6,050 (with margin: 0)
