Note 5 - Employee Retirement Benefit Plans: Schedule of Settlement of Pension Plan Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Tables/Schedules

Schedule of Settlement of Pension Plan Liabilities

Unfunded Pension Plan Liability	$35,870
Market value of common shares issued from treasury	(70)
Pension Settlement Obligation	(7,644)
Total consideration to PBGC	(7,714)
Total gain from settlement of Pension Plan Liabilities	$28,156
Gain recorded as:
Charge to statement of operations	$(3,620)
Other comprehensive Income	31,776
Contribution to total comprehensive income	$28,156

After applying the first $1,500 installment made on May 1, 2015, and the first annual installment on October 22, 2015, and recording imputed interest expense at 7%, the balance of the Pension Settlement Obligation is recorded with liabilities on the balance sheet as follows as of December 31, 2015:

Current portion of pension settlement obligation	$356
Pension settlement obligation, net of current portion	5,268
Total Pension Settlement Obligation	$5,624