Determine the actual return on pension plan assets

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Question - The BLUE Flower Company showed in its memorandum records the following balances:

Fair value of pension plan assets, Jan. 1, 2022 4,600,000

Fair value of pension assets, Dec. 31, 2022 4,950,000

Contributions to the plan in 2022 500,000

Benefits paid to retiree in 2022 700,000

Interest cost used by the entity 10%

Required -

1. Determine the actual return on pension plan assets.

2. Determine the amount of actuarial gain or loss that will be taken to other comprehensive income.

Reference no: EM133162740

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