A company had the following information about the company's defined-benefit pension plan: January 1, 2021 December 31, 2021 Projected benefit obligation $80,000 $93,000 Fair value of pension plan assets 41,000 51,000 Actual return on plan assets is $13,000. The service cost component of pension expense for 2021 is $17,200. The expected rate of return is 11% and the settlement rate is 6%. Given the information provided, what is the amount of pension expense for 2021?
A company had the following information about the company's defined-benefit pension plan: January 1, 2021 December 31, 2021 Projected benefit obligation $80,000 $93,000 Fair value of pension plan assets 41,000 51,000 Actual return on plan assets is $13,000. The service cost component of pension expense for 2021 is $17,200. The expected rate of return is 11% and the settlement rate is 6%. Given the information provided, what is the amount of pension expense for 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company had the following information about the company's defined-benefit pension plan:
January 1, 2021 December 31, 2021
Projected benefit obligation $80,000 $93,000
Fair value of pension plan assets 41,000 51,000
Actual return on plan assets is $13,000. The service cost component of pension expense for 2021 is $17,200. The expected
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