Kingbird Company has experienced tough competition, leading it to seek concessions from its employees in the company's pension plan. In exchange for promises to avoid layoffs and wage cuts, the employees agreed to receive lower pension benefits in the future. As a result, Kingbird amended its pension plan on January 1, 2020, and recorded negative past service cost of $134,300. Current service cost for 2020 is $25,900. Interest expense is $8,400, and interest revenue is $2,000. Actual return on assets in 2020 is $1,800. Compute Kingbird's pension expense in 2020. (Enter amounts with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45)) Pension expense

Kingbird Company has experienced tough competition, leading it to seek concessions from its employees in the company's pension plan. In exchange for promises to avoid layoffs and wage cuts, the employees agreed to receive lower pension benefits in the future. As a result, Kingbird amended its pension plan on January 1, 2020, and recorded negative past service cost of $134,300. Current service cost for 2020 is $25,900. Interest expense is $8,400, and interest revenue is $2,000. Actual return on assets in 2020 is $1,800. Compute Kingbird's pension expense in 2020. (Enter amounts with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45)) Pension expense

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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