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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Pinecone Company has plan assets of $500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecone’s service cost is $230,000, and its interest cost is $55,000. Compute Pine-cone’s pension expense for the current year.
Calculate the pension expense of Company P for the current year.
Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.
Calculate the pension expense of Company P for the current year as follows:
| Particulars | Amount |
| Service cost | $230,000 |
| Add: Interest cost | $55,000 |
| Less: Expected return on plan assets (1) | $60,000 |
| Â Â Â Â Pension expense | $225,000 |
Table (1)
Working note (1):
Calculate the expected return on plant assets...
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