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The following information is available from Haan Company relating to its defined benefit pension plan:
Balances as of January 1, 2003:
Pension obligation liability
3,500
Pension fund assets.
3,000
Activity for 2003:
Service cost
400
Contributions to pension fund . .
$230
Benefit payments to retirees
170
Return on plan assets
330
Pension-related interest cost
280
1. Compute the amount of pension expense to be reported on the income statement for 2003.
2. Determine the net pension amount to be reported on the balance sheet at the end of the year. Note: The benefit payments to retirees are made out of the pension fund assets. These payments reduce both the amount in the pension fund and the amount of the remaining pension obligation.
3. Interpretive Question: You are an employee of Haan Company and have just received the above information as part of the company's annual report to the employees on the status of the pension plan. Does anything in this information cause you concern? Explain.
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