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, $1) Interest rate, 9% Expected return on plan assets, 13% Actual return on plan assets, 14% Required: Determine pension expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign. Pension expense ($ in thousands) $ 132 400 500 94 115 Pension Expense

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, 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, $1)
Interest rate, 9%
Expected return on plan assets, 13%
Actual return on plan assets, 14%
Required:
Determine pension expense for 2024.
Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a
minus sign.
Pension expense
($ in thousands)
$ 132
400
500
94
115
Pension Expense
Transcribed Image Text: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, $1) Interest rate, 9% Expected return on plan assets, 13% Actual return on plan assets, 14% Required: Determine pension expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign. Pension expense ($ in thousands) $ 132 400 500 94 115 Pension Expense
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