Current Attempt in Progress Blossom Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 89,400 Contribution to the plan 104,800 Prior service cost amortization 9,700 Actual and expected return on plan assets 64,400 Benefits paid 40,800 Plan assets at January 1, 2020 627,300 Projected benefit obligation at January 1, 2020 697,700
Current Attempt in Progress Blossom Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 89,400 Contribution to the plan 104,800 Prior service cost amortization 9,700 Actual and expected return on plan assets 64,400 Benefits paid 40,800 Plan assets at January 1, 2020 627,300 Projected benefit obligation at January 1, 2020 697,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Current Attempt in Progress
Blossom Company provides the following information about its defined benefit pension plan for the year 2020.
$ 89,400
Service cost
Contribution to the plan
104,800
Prior service cost amortization
9,700
Actual and expected return on plan assets
64,400
Benefits paid
40,800
Plan assets at January 1, 2020
627,300
Projected benefit obligation at January 1, 2020
697,700
Accumulated OCI (PSC) at January 1, 2020
149,700
Interest/discount (settlement) rate
10 %
Compute the pension expense for the year 2020.
Pension expense for 2020
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