The following information is taken from the 2014 annual report of the Johnson & Johnson Company (J&J):($ in millions)Projected benefit obligation: 2014 = $26,889, 2013 = $21,488Plan assets at fair value 2014 = 22,575, 2013 = 20,901Net amount recognized in the company’s balance sheet (as a liability): 2014 = 4,314, 2013 = 587Calculate the amount that J&J’s retirement fund obligations are underfunded as of each year-end (in millions).2014 ________??2013 ________??How much of the under-funding is reported on the company’s balance sheet?2014 _______??2013 _______??
RECOMMENDED!!ACCTG 810-The following information is taken from the 2014 annual
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