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Blossom Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (fair value)
Blossom Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (fair value) Projected benefit obligation Pension asset/liability Prior service cost OCI - Loss $670,000 720,000 50,000 Cr. 87,000 77,000 As a result of the operation of the plan during 2021, the actuary provided the following additional data at December 31, 2021. Service cost for 2021 $82,000 Actual return on plan assets in 2021 54,840 Amortization of prior service cost 24,600 Contributions in 2021 127,000 Benefits paid retirees in 2021 92,000 Settlement rate 7 % Expected return rate 8 % Average remaining service life of active employees 10 years Question 30 of 30
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