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Determine the effect of the pension plan on pension expense

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Reference no: EM132951690

Cullumber Corporation is a private company with a defined benefit pension plan. The following information is available for Cullumber Corporation for 2020:

Opening balance, DBO $172,000

Opening balance, plan assets 164,000

Service cost 47,500

Employer contributions paid evenly through 2020 63,000

Applicable interest or discount rate 10%

Actual return on plan assets 20,500

Actuarial loss due to change in actuarial assumptions 11,500

Problem 1: Assuming that Cullumber follows ASPE, determine the 2020 effect of the pension plan on pension expense and the company's shareholders' equity.

Reference no: EM132951690

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