Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2021 $ 116 Projected benefit obligation, January 1, 2021 550 Plan assets (fair value), January 1, 2021 600 Prior service cost—AOCI (2021 amortization, $7) 86 Net loss—AOCI (2021 amortization, $2) 107 Interest rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Required: Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign
Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2021 $ 116 Projected benefit obligation, January 1, 2021 550 Plan assets (fair value), January 1, 2021 600 Prior service cost—AOCI (2021 amortization, $7) 86 Net loss—AOCI (2021 amortization, $2) 107 Interest rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Required: Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 4E
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Question
Pension data for Sterling Properties include the following:
($ in thousands) | |||
Service cost, 2021 | $ | 116 | |
Projected benefit obligation, January 1, 2021 | 550 | ||
Plan assets (fair value), January 1, 2021 | 600 | ||
Prior service cost—AOCI (2021 amortization, $7) | 86 | ||
Net loss—AOCI (2021 amortization, $2) | 107 | ||
Interest rate, 6% | |||
Expected return on plan assets, 10% | |||
Actual return on plan assets, 11% | |||
Required:
Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.)
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