Help Subm - Check my work The projected benefit obligation was $220 million at t

Question

Help Subm - Check my work The projected benefit obligation was $220 million at the beginning of the year. Service cost for the year was $26 million. At the end of the year, pension benefits paid by the trustee were $14 million and there were no pension- related other comprehensive income accounts requiring amortization. The actuary's discount rate was 5%. The actual return on plan assets was $13 million although it was expected to be only $12 million. What was the pension expense for the year? Pension expense million es ?Prev 2 of 7 Next > 4:41p 7/13/20 ^ ENG o search

Explanation / Answer

Net Pension expense=Service cost+Interest cost-Expected return Net Pension expense=26+11*-12=$25 million Interest=220*0.05=11

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