Pronghorn Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 214,000 Contribution to the plan 261,000 Prior service cost amortization 35,000 Actual and expected return on plan assets 127,000 Benefits paid 215,000 Plan assets at January 1, 2020 1,398,000 Projected benefit obligation at January 1, 2020 1,719,000 Accumulated OCI (PSC) at January 1, 2020 341,000 Interest/discount (settlement) rate 9 % Compute the pension expense for the year 2020.
Pronghorn Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 214,000 Contribution to the plan 261,000 Prior service cost amortization 35,000 Actual and expected return on plan assets 127,000 Benefits paid 215,000 Plan assets at January 1, 2020 1,398,000 Projected benefit obligation at January 1, 2020 1,719,000 Accumulated OCI (PSC) at January 1, 2020 341,000 Interest/discount (settlement) rate 9 % Compute the pension expense for the year 2020.
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 9RE: Given the following information for Tyler Companys pension plan at the beginning of the year,...
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![Pronghorn Company provides the following information about its defined benefit pension plan for the year 2020.
$ 214,000
Service cost
Contribution to the plan
261,000
Prior service cost amortization
35,000
Actual and expected return on plan assets
127,000
Benefits paid
215,000
Plan assets at January 1, 2020
1,398,000
Projected benefit obligation at January 1, 2020
1,719,000
Accumulated OCI (PSC) at January 1, 2020
341,000
Interest/discount (settlement) rate
9 %
Compute the pension expense for the year 2020.
Pension expense for 2020](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbc1576e9-c849-48ce-8450-6aba7a1020f2%2F6be46182-c783-41ce-9790-cdfc2a4a3730%2Fevt7yz_processed.png&w=3840&q=75)
Transcribed Image Text:Pronghorn Company provides the following information about its defined benefit pension plan for the year 2020.
$ 214,000
Service cost
Contribution to the plan
261,000
Prior service cost amortization
35,000
Actual and expected return on plan assets
127,000
Benefits paid
215,000
Plan assets at January 1, 2020
1,398,000
Projected benefit obligation at January 1, 2020
1,719,000
Accumulated OCI (PSC) at January 1, 2020
341,000
Interest/discount (settlement) rate
9 %
Compute the pension expense for the year 2020.
Pension expense for 2020
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