On January 1, 2020, Shaina company had a projected benefit obligation of 2,500,000 and a pension fund with a fair value of 2,300,000. The entity provided the following information related to the pension plan during the current year: Current service cost 300,000 Actual return on the pension fund 62,500 Benefits paid to retirees
On January 1, 2020, Shaina company had a projected benefit obligation of 2,500,000 and a pension fund with a fair value of 2,300,000. The entity provided the following information related to the pension plan during the current year: Current service cost 300,000 Actual return on the pension fund 62,500 Benefits paid to retirees
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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#13
On January 1, 2020, Shaina company had a projected benefit obligation of 2,500,000 and a
pension fund with a fair value of 2,300,000. The entity provided the following information
related to the pension plan during the current year:
Current service cost 300,000
Actual return on the pension fund 62,500
Benefits paid to retirees 275,000
Contribution to the pension fund 262,500
Discount
Expected return
What is the pension expense for the current year?
The answer is 318,000 pls provide the correct solution for this
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