The following information is available for the pension plan of Wildhorse Company for the year 2020. Actual and expected return on plan assets $ 15,800 Benefits paid to retirees 39,500 Contributions (funding) 88,700 Interest/discount rate 11 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 548,000 Service cost 60,000 (a) Compute pension expense for the year 2020.
The following information is available for the pension plan of Wildhorse Company for the year 2020. Actual and expected return on plan assets $ 15,800 Benefits paid to retirees 39,500 Contributions (funding) 88,700 Interest/discount rate 11 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 548,000 Service cost 60,000 (a) Compute pension expense for the year 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is available for the pension plan of Wildhorse Company for the year 2020.
| Actual and expected return on plan assets | $ 15,800 | ||
| Benefits paid to retirees | 39,500 | ||
| Contributions (funding) | 88,700 | ||
| Interest/discount rate | 11 | % | |
| Prior service cost amortization | 7,600 | ||
| Projected benefit obligation, January 1, 2020 | 548,000 | ||
| Service cost | 60,000 |
(a)
Compute pension expense for the year 2020.
| Pension expense for 2020 |
$enter pension expense for 2017 in dollars
|
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