Pina Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan.
Plan assets $459,900
Projected benefit obligation 596,100
Pension asset/liability 136,200
Accumulated OCI (PSC) 96,700 Dr.
As a result of the operation of the plan during 2020, the following additional data are provided by the actuary.
Service cost $93,400
Settlement rate, 10%
Actual return on plan assets 53,900
Amortization of prior service cost 19,900
Expected return on plan assets 50,800
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 78,700
Contributions 94,800
Benefits paid retirees 86,000
Using the data above, compute pension expense for Monty Corp. for the year 2020 by preparing a pension worksheet.
Answers: 3
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Pina Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the follow...
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