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What amount will johnson report as pension expense

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Reference no: EM132797389

The following information pertains to Johnson Corp.'s defined benefit pension plan for 2020:

Projected benefit obligation 1/1/20 - 1,470,000

Plan assets 1/1/20 - 1,185,000

Accumulated OCI - Prior service cost - 126,000

Accumulated OCI - Loss - 150,600

Service cost for 2020 - 138,000

Settlement rate - 6%

Expected return on plan assets - 5%

Estimated future service life of employees - 10 years

Problem 1: What amount will Johnson report as pension expense in its 2020 income statement?

Reference no: EM132797389

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