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On January 1, 2020, Shaina company had a projected benefit obligation of 2,500,000 and a pension fund with a fair value of 2,300,000. The entity provided the following information related to the pension plan during the current year: Current service cost 300,000 Actual return on the pension fund 62,500 Benefits paid to retirees

On January 1, 2020, Shaina company had a projected benefit obligation of 2,500,000 and a pension fund with a fair value of 2,300,000. The entity provided the following information related to the pension plan during the current year: Current service cost 300,000 Actual return on the pension fund 62,500 Benefits paid to retirees

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 7E
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On January 1, 2020, Shaina company had a projected benefit obligation of 2,500,000 and a
pension fund with a fair value of 2,300,000. The entity provided the following information
related to the pension plan during the current year:
Current service cost 300,000
Actual return on the pension fund 62,500
Benefits paid to retirees 275,000
Contribution to the pension fund 262,500
Discount rate 9%
Expected return on pension fund 10%
What is the pension expense for the current year? 

 

The answer is 318,000 pls provide the correct solution for this

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