The following information for Pharoah Enterprises is given below: December 31, 2
ID: 2588634 • Letter: T
Question
The following information for Pharoah Enterprises is given below:December 31, 2018 Assets and obligations Plan assets (at fair value) $696000 Accumulated benefit obligation 1210000 Projected benefit obligation 1300000 Other Items Pension asset / liability, January 1, 2018 34000 Contributions 400000 Accumulated other comprehensive loss 603700
There were no actuarial gains or losses at January 1, 2018. The average remaining service life of employees is 10 years.
What is the pension expense that Pharoah Enterprises should report for 2018?
$400000 $492300 $740000 $603700
Explanation / Answer
Pension expense that Pharoah Enterprises should report for 2018=696000+400000-603700= 492300 Option 2 is correct
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