The following information is related to the defined benefit pension plan of a company for 2021. Amortization of prior service cost $176,000 Contributions to the plan 123,000 Expected return on plan assets 279,000 Interest on projected benefit obligation 327,000 Service cost 634,000 Actual return on plan assets 248,000 Amortization of net (or OCI) gain 85,700 Pension expense for 2021 is $__________.

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
icon
Related questions
Question

The following information is related to the defined benefit pension plan of a company for 2021.
                  Amortization of prior service cost                          $176,000
                  Contributions to the plan                                         123,000
                  Expected return on plan assets                               279,000
                  Interest on projected benefit obligation                   327,000
                  Service cost                                                             634,000
                  Actual return on plan assets                                    248,000
                  Amortization of net (or OCI) gain                             85,700

Pension expense for 2021 is $__________.
 

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for Employee Compensations and Benefits
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L