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What is the net amount that will charged to pension expense

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Reference no: EM132760960

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 assumptions 4%

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

Problem 1: What is the net amount that will be charged to pension expense for FMC Inc.'s December 31, 20X6 year end?

Reference no: EM132760960

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