Sarasota Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 88,500 Contribution to the plan 107,100 Prior service cost amortization 10,600 Actual and expected return on plan assets 63,100 Benefits paid 40,800 Plan assets at January 1, 2020 648,000 Projected benefit obligation at January 1, 2020 688,100 Accumulated OCI (PSC) at January 1, 2020 148,600 Interest/discount (settlement) rate 11 % Compute the pension expense for the year 2020. Pension expense for 2020 $enter the Pension expense for 2020 in dollars
Sarasota Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 88,500 Contribution to the plan 107,100 Prior service cost amortization 10,600 Actual and expected return on plan assets 63,100 Benefits paid 40,800 Plan assets at January 1, 2020 648,000 Projected benefit obligation at January 1, 2020 688,100 Accumulated OCI (PSC) at January 1, 2020 148,600 Interest/discount (settlement) rate 11 % Compute the pension expense for the year 2020. Pension expense for 2020 $enter the Pension expense for 2020 in dollars
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 12E
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Sarasota Company provides the following information about its defined benefit pension plan for the year 2020.
| Service cost | $ 88,500 | ||
| Contribution to the plan | 107,100 | ||
| Prior service cost amortization | 10,600 | ||
| Actual and expected return on plan assets | 63,100 | ||
| Benefits paid | 40,800 | ||
| Plan assets at January 1, 2020 | 648,000 | ||
| Projected benefit obligation at January 1, 2020 | 688,100 | ||
| Accumulated OCI (PSC) at January 1, 2020 | 148,600 | ||
| Interest/discount (settlement) rate | 11 | % |
Compute the pension expense for the year 2020.
| Pension expense for 2020 |
$enter the Pension expense for 2020 in dollars
|
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