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Determine Health Corp pension expense

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Reference no: EM132855863

Problem - Health Corp., a publicly accountable company, sponsors a defined benefit pension plan. The following information is available for the year 2020:

Actual return on plan assets 6%

Yield on high-quality corporate bonds 8%

Defined benefit obligation, January 1, 2020 $850,000

Fair value of plan assets, January 1, 2020 $800,000

Current service cost $250,400

Contributions made evenly throughout the year $236,000

Benefits paid to retirees on December 31, 2020 $110,000

On December 31, 2020, a change in actuarial assumptions resulted in an ending defined benefit obligation of $1,030,000.

Required -

a) Determine Health Corp.'s pension expense for 2020.

b) Determine the amount of other comprehensive income that resulted from Health Corp.'s pension plan in 2020.

Reference no: EM132855863

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