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Determine the pension expense to be reported

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Measuring and Recording Pension Expense

Gregory, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2013:

                                                           January 1, 2013       December 31, 2013

Projected benefit obligation                    $3,500,000               3,990,000

Market-related asset value                     1,750,000                2,240,000

Unrecognized net (gains) and losses       -0-                          420,000

The service cost component for 2013 is $210,000 and the amortization of prior service cost is $240,000. The company's actual funding of the plan in 2013 amounted to $595,000. The expected return on plan assets and the settlement rate were both 8%. The actual return on plan assets was $150,000.

Determine the pension expense to be reported in 2013.

Reference no: EM131633578

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