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Determine the total pension expense

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Question - On January 1, 2020, McGee Co. had the following balances:

Projected benefit obligation $6,400,000

Fair value of plan assets 6,000,000

Other data related to the pension plan for 2020: contributions to the plan 400,000

Benefits paid 350,000

On 1/1/20020, prior service cost was granted having a present value of 150,000

Actual return on plan assets 430,000

Settlement rate 9%

Expected rate of return 7%

Amortized Prior Service cost 40,000

Amortization of net gain 50,000

Service cost 250,000

Required - Determine the total pension expense for 2020?

A. $396,000

B. $409,500

C. $430,000

D. $589,500

Reference no: EM133035894

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