Question
Assume the following information for Temples defined benefit pension plan for the fiscal year ending 2016 (all amounts are in Dollars): Employer Contributions 1,500 Current
Assume the following information for Temples defined benefit pension plan for the fiscal year ending 2016 (all amounts are in Dollars):
Employer Contributions 1,500
Current service costs 1,850
Past service costs 120
Beginning of year PBO 39,000
End of year PBO ????
Increase due to actuarial estimates 628
Beginning of year plan assets 28,000
End of year plan assets ????
Actuarial return on plan assets 1,795
Benefits paid 635
Unamortized actuarial losses (GAAP) 3,150
Expected rate of return on plan assets 6.0%
Discount rate 7.5%
What is the periodic pension cost reported in P&L under GAAP (ignore amortization of past service cost)?
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