Pension data for Sterling Properties include the following: ...................................................................($ in thousands) Service cost, 2021 ......................................................$112 Projected benefit
Question:
Pension data for Sterling Properties include the following:
...................................................................($ in thousands)
Service cost, 2021 ......................................................$112
Projected benefit obligation, January 1, 2021 ..........850
Plan assets (fair value), January 1, 2021 ....................900
Prior service cost—AOCI (2021 amortization, $8) ......80
Net loss—AOCI (2021 amortization, $1) ....................101
Interest rate, ..................................................................6%
Expected return on plan assets, .................................10%
Actual return on plan assets, .......................................11%
Required:
Determine pension expense for 2021.
Step by Step Answer:
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas