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What is net amount that will be charged to pension expense

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Question: FMC Inc. provides its employees with a defined benefit pension plan, details of which follow: Pension obligation 12/31/20X5 $7,000,000 Plan assets 12/31/20X5 $5,900,000 Discount rate used in actuarial assumptions4% Current service cost for the year - end of year $590,000 Past service cost (improvement in benefits) - 01/01/20X6 $60,000 Actuarial gain due to a change in assumption $0 Actual return on plan assets$275,000 Remitted to pension trustee - evenly throughout year $670,000 Payments to retirees - evenly throughout year$640,000 What is the net amount that will be charged to pension expense for FMC Inc.'s December 31, 20X6 year end?

Reference no: EM132765495

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