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Answer the the question with full explanation The funded status of Hilton Paneling Inc.'s defined benefit pension plan and the balances in prior service cost
Answer the the question with full explanation
The funded status of Hilton Paneling Inc.'s defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are given below. Retirees were paid $270,000 and the employer contribution to the pension fund was $245,000 at the end of 2011. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO. Determine the actual return on plan assets of 2011. (Enter your answer in thousands. Omit the "$" sign in your response.) Determine the Loss or gain on plan assets of 2011. (Enter your answer in thousands. Omit the "$' sign in your response.) Determine the Servioe cost of 2011. (Enter your answer in thousands. Omit the "$" sign in your response.) Determine the pension expense of 2011. (Enter your answer in thousands. Omit the "$" sign in your response.) Average remaining service life of active employees (usedto determine amortization of the net gain)Step by Step Solution
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