Answered: Pension expense for 2021

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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The following information is related to the defined-benefit pension plan of a company for 2021.

Amortization of OCI-gain                     $87,700
Amortization of OCI-prior service cost     151,000Contributions to the plan                          235,000Interest on projected benefit obligation             363,000Service cost                                                       550,890Expected return on plan assets                         258,000Actual return on plan assets is the same
as expected return                          258,000Benefits distributed                                            148,000

Pension expense for 2021 is $__________.

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