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Pronghorn Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 214,000 Contribution to the plan 261,000 Prior service cost amortization 35,000 Actual and expected return on plan assets 127,000 Benefits paid 215,000 Plan assets at January 1, 2020 1,398,000 Projected benefit obligation at January 1, 2020 1,719,000 Accumulated OCI (PSC) at January 1, 2020 341,000 Interest/discount (settlement) rate 9 % Compute the pension expense for the year 2020.

Pronghorn Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 214,000 Contribution to the plan 261,000 Prior service cost amortization 35,000 Actual and expected return on plan assets 127,000 Benefits paid 215,000 Plan assets at January 1, 2020 1,398,000 Projected benefit obligation at January 1, 2020 1,719,000 Accumulated OCI (PSC) at January 1, 2020 341,000 Interest/discount (settlement) rate 9 % Compute the pension expense for the year 2020.

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 2MC
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Pronghorn Company provides the following information about its defined benefit pension plan for the year 2020. $ 214,000 Service cost Contribution to the plan 261,000 Prior service cost amortization 35,000 Actual and expected return on plan assets 127,000 Benefits paid 215,000 Plan assets at January 1, 2020 1,398,000 Projected benefit obligation at January 1, 2020 1,719,000 Accumulated OCI (PSC) at January 1, 2020 341,000 Interest/discount (settlement) rate 9 % Compute the pension expense for the year 2020. Pension expense for 2020
Transcribed Image Text:Pronghorn Company provides the following information about its defined benefit pension plan for the year 2020. $ 214,000 Service cost Contribution to the plan 261,000 Prior service cost amortization 35,000 Actual and expected return on plan assets 127,000 Benefits paid 215,000 Plan assets at January 1, 2020 1,398,000 Projected benefit obligation at January 1, 2020 1,719,000 Accumulated OCI (PSC) at January 1, 2020 341,000 Interest/discount (settlement) rate 9 % Compute the pension expense for the year 2020. Pension expense for 2020
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