Reference no: EM133074217

Question - Ivanhoe Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan.

Plan assets $470,900

Projected benefit obligation 609,900

Pension asset/liability 139,000

Accumulated OCI (PSC) 99,800 Dr.

As a result of the operation of the plan during 2020, the following additional data are provided by the actuary.

Service cost $93,800

Settlement rate, 10%

Actual return on plan assets 54,500

Amortization of prior service cost 19,800

Expected return on plan assets 51,300

Unexpected loss from change in projected benefit obligation,

due to change in actuarial predictions 74,300

Contributions 99,100

Benefits paid retirees 85,600

Required - Using the data above, compute pension expense for Ivanhoe Corp. for the year 2020 by preparing a pension worksheet.