Reference no: EM132614141
Question - Given
Defined benefit obligation, Jan 1 $ 375,000
Fair value of plan assets, Jan 1 350,000
Current service cost 300,000
Interest (discount) rate 10%
Actual return on plan assets 35,000
Past service cost (as of Jan 1) 25,000
Actuarial loss 14,900
Contributions to plan 290,000
Remeasurement loss on plan assets 11,500
Payments to retirees 250,000
Instructions -
a) Calculate the pension expense to be reported on the income statement for 2020.
b) Calculate the amount to be shown as OCI for 2020.
c) Calculate the fair value of the plan assets at December 31, 2020.
d) Prepare the journal entries to reflect the accounting for the company's pension plan for the year ending December 31, 2020.
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