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Calculate Okner pension expense

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Reference no: EM132593972

Question - Okner Inc. sponsors a defined benefit plan. The company provides the following information:

On December 31, 2020, plan assets were $270,000.

The projected benefit obligation on December 31, 2020 was $270,000.

During 2021, service cost was $30,000, and the settlement rate was 10% (use beginning projected benefit obligation (PBO)).

Benefits paid in 2021 were $21,000 and contributions were $18,000.

Required -

1) Calculate Okner's pension expense for 2021

2) What are the balances of the projected benefit obligation and the plan assets at the end of 2021?

Reference no: EM132593972

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