The following information relates to the defined benefit pension plan of Nelson, Inc. 12/31/19 2,644,000 3,118,000 432,000 Projected benefit obligation Fair value of plan assets Accumulated OCI-net actuarial gain Settlement rate (for year) Expected rate of return (for year) 6% 8% The interest cost for 2020 is O $158,640 O $211,520 O $240,120 $280,140 O None of the above 12/31/20 4,002,000 3,328,000 480,000 6% 7% For 2020, Nelson estimates that the average remaining service life of its current employees is 8 years. Nelson's contribution to the plan was $364,000 in 2020 and benefits paid to retirees were $276,000,
The following information relates to the defined benefit pension plan of Nelson, Inc. 12/31/19 2,644,000 3,118,000 432,000 Projected benefit obligation Fair value of plan assets Accumulated OCI-net actuarial gain Settlement rate (for year) Expected rate of return (for year) 6% 8% The interest cost for 2020 is O $158,640 O $211,520 O $240,120 $280,140 O None of the above 12/31/20 4,002,000 3,328,000 480,000 6% 7% For 2020, Nelson estimates that the average remaining service life of its current employees is 8 years. Nelson's contribution to the plan was $364,000 in 2020 and benefits paid to retirees were $276,000,
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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