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What is the net periodic pension cost for the current year

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Question - On January 1 of the current year, MIGHTY Company had a projected benefit obligation of 10,000,000, Accumulated Benefit Obligation of 8,000,000 and vested benefit Obligation of 5,000,000. A pension fund had been set up and has a beginning fair Value of 9,200,000 during the year. The follow information relates to the pension plan during the year.

Service Cost: 1,200,000

Actual return on the pension fund 250,000

Benefits paid to retirees 1,100,000

Contributions to the pension fund 1,050,000

Discount rate 9%

Expected return on the pension fund 7%

1. What is the net periodic pension cost for the current year?

2. What us the effect in the company's other comprehensive performance during the current year?

3. What is the balance of the pension asset/liability to be reported in the statement of financial position?

Reference no: EM132429531

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