Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 91,000 Contribution to the plan 104,000 Prior service cost amortization 9,400 62,900 39,900 630,400 Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate 2020 701,800 153,000 10 % Compute the pension expense for the year 2020. Pension expense for 2020
Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 91,000 Contribution to the plan 104,000 Prior service cost amortization 9,400 62,900 39,900 630,400 Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate 2020 701,800 153,000 10 % Compute the pension expense for the year 2020. Pension expense for 2020
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 4E
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![Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020.
Service cost
$ 91,000
Contribution to the plan
104,000
Prior service cost amortization
9,400
62,900
Actual and expected return on plan assets
Benefits paid
39,900
Plan assets at January 1, 2020
Projected benefit obligation at January 1,
Accumulated OCI (PSC) at January 1, 2020
Interest/discount (settlement) rate
630,400
2010
701,800
153,000
10 %
Compute the pension expense for the year 2020.
Pension expense for 2020](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fce771135-359b-410e-a6fc-ac7474df67e3%2Fb796db80-e26e-4e4f-ab82-e13371ee8a5a%2Fnlvdxfo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020.
Service cost
$ 91,000
Contribution to the plan
104,000
Prior service cost amortization
9,400
62,900
Actual and expected return on plan assets
Benefits paid
39,900
Plan assets at January 1, 2020
Projected benefit obligation at January 1,
Accumulated OCI (PSC) at January 1, 2020
Interest/discount (settlement) rate
630,400
2010
701,800
153,000
10 %
Compute the pension expense for the year 2020.
Pension expense for 2020
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