Exercise 20-2 Teal Company provides the following information about its defined
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Exercise 20-2
Teal Company provides the following information about its defined benefit pension plan for the year 2017.
Compute the pension expense for the year 2017.
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Service cost $ 91,300 Contribution to the plan 102,900 Prior service cost amortization 9,500 Actual and expected return on plan assets 64,800 Benefits paid 39,400 Plan assets at January 1, 2017 648,700 Projected benefit obligation at January 1, 2017 694,400 Accumulated OCI (PSC) at January 1, 2017 150,900 Interest/discount (settlement) rate 9 %Explanation / Answer
Service cost 91300 Interest cost 62496 =694400*9% Expected return on plan assets -64800 Prior service cost amortization 9500 Pension expense for 2017 98496
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