On January 1, 2020, Hulk Ltd. reported the following balances relating to their defined benefit pension plan: ...... Defined benefit obligation............................................ $1,600,000 ...... Fair value of plan assets................................................ 1,600,000 Other data related to the pension plan for calendar 2020 are: ...... Current service cost....................................................... 70,000 ...... Contributions to the plan............................................... 102,000 ...... Benefits paid................................................................. 100,000
On January 1, 2020, Hulk Ltd. reported the following balances relating to their defined benefit pension plan:
...... Defined benefit obligation............................................ $1,600,000
...... Fair value of plan assets................................................ 1,600,000
Other data related to the pension plan for calendar 2020 are:
...... Current service cost....................................................... 70,000
...... Contributions to the plan............................................... 102,000
...... Benefits paid................................................................. 100,000
...... Actual return on plan assets.......................................... 96,000
...... Interest (discount) rate.................................................. 9%
Instructions
c. Calculate pension expense for 2020.
d. Prepare the
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