Pension data for Sterling Properties include the following: ($ in thousands)Service cost, 2021 $112Projected benefit obligation, January 1, 2021 850Plan assets (fair value), January 1, 2021 900Prior service cost—AOCI (2021 amortization, $8) 80Net loss—AOCI (2021 amortization, $1) 101Interest rate, 6%Expected return on plan assets, 10%Actual return on plan assets, 11% Required:Determine pension expense for 2021.
Pension data for Sterling Properties include the following:
($ in thousands)
Service cost, 2021 $112
Projected benefit obligation, January 1, 2021 850
Plan assets (fair value), January 1, 2021 900
Prior service cost—AOCI (2021 amortization, $8) 80
Net loss—AOCI (2021 amortization, $1) 101
Interest rate, 6%
Expected return on plan assets, 10%
Actual return on plan assets, 11%
Required:
Determine pension expense for 2021.
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