Pension data for Sterling Properties include the following:Service cost, 2021Projected benefit obligation, January 1, 2021Plan assets (fair value), January 1, 2021Prior service cost-AOCI (2021 amortization,$8)Net loss-AOCI (2021 amortization, $1)Interest rate, 8%Expected return on plan assets, 12%Actual return on plan assets, 13%Service costInterest costRequired:Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minussign.)Pension ExpenseExpected return on plan assetsAmortization of prior service costAmortization of net lossPension expense$($ inthousands)$ 117060070087108

Pension data for Sterling Properties include the following: Service cost, 2021 Projected benefit obligation, January 1, 2021 Plan assets (fair value), January 1, 2021 Prior service cost-AOCI (2021 amortization, $8) Net loss-AOCI (2021 amortization, $1) Interest rate, 8% Expected return on plan assets, 12% Actual return on plan assets, 13% Required: Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be Indicated with a minu sign.) Pension Expense Service cost Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net loss Pension expense ($ in thousands) $ 117 600 700 87 108 $

Pension data for Sterling Properties include the following: Service cost, 2021 Projected benefit obligation, January 1, 2021 Plan assets (fair value), January 1, 2021 Prior service cost-AOCI (2021 amortization, $8) Net loss-AOCI (2021 amortization, $1) Interest rate, 8% Expected return on plan assets, 12% Actual return on plan assets, 13% Required: Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be Indicated with a minu sign.) Pension Expense Service cost Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net loss Pension expense ($ in thousands) $ 117 600 700 87 108 $

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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Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $1) Interest rate, 5% Expected return on plan assets, 9% Actual return on plan assets, 10% ($ in thousands) $ 127 560 600 92 113 Required: Determine pension expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.
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