Plan assets, January 1 20X1 $490,000 Projected benefit obligation January 1 20X1 490,000 Settlement rate 8.5% Annual pension service cost 40,000 Contributions (funding) 30,000 Actual return on plan assets 49,700 Benefits paid to retirees 33,400 What is the pension expense for 20X1?
Plan assets, January 1 20X1 $490,000 Projected benefit obligation January 1 20X1 490,000 Settlement rate 8.5% Annual pension service cost 40,000 Contributions (funding) 30,000 Actual return on plan assets 49,700 Benefits paid to retirees 33,400 What is the pension expense for 20X1?
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 6MC
Related questions
Question
Plan assets, January 1 20X1 |
$490,000 |
Projected benefit obligation January 1 20X1 |
490,000 |
Settlement rate |
8.5% |
Annual pension service cost |
40,000 |
Contributions (funding) |
30,000 |
Actual return on plan assets |
49,700 |
Benefits paid to retirees |
33,400 |
What is the pension expense for 20X1?
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