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
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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%
Service cost
Interest cost
Required:
Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus
sign.)
Pension Expense
Expected return on plan assets
Amortization of prior service cost
Amortization of net loss
Pension expense
$
($ in
thousands)
$ 117
0
600
700
87
108
Transcribed Image Text: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% Service cost Interest cost Required: Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Pension Expense Expected return on plan assets Amortization of prior service cost Amortization of net loss Pension expense $ ($ in thousands) $ 117 0 600 700 87 108
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