What is the employee benefit expense for the current year? Group of answer choices 2,245,000 1,750,000 2,525,000 1,905,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Fajardo Company provided the following pension plan information:

Projected benefit obligation – January 1, 2021

3,500,000

Fair value of plan assets – January 1, 2021

2,800,000

Pension benefits paid during the year

250,000

Current service cost for 2021

1,750,000

Past service cost for 2021

425,000

Actual return on plan assets

180,000

Contribution to the plan

1,500,000

Actuarial loss due to change in assumption on PBO

200,000

Discount or settlement rate

10%

 

What is the employee benefit expense for the current year?

Group of answer choices
2,245,000
1,750,000
2,525,000
1,905,000
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