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Smith, Inc. has a pension plan with the following data available for 20X1 and 20X2:
20X1 20X2
Service cost $30,000 $34,000
Interest cost $18,000 $20,000
Actual return on plan assets $15,000 $21,600
Beginning of year plan assets $200,000 $240,000
Discount rate 8% 8%
Expected return on plan assets 8% 8%
Question 1: Smith's pension expense for 20X1 is:
Multiple Choice
Option 1: $32,000.
Option 2: $30,000.
Option 3: $33,000.
Option 4: $48,000.
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