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Brief Exercise 17-10 (Algo) Pension expense; prior service cost [LO17-6] The pension plan was amended last year, creating a prior service cost of $10 million.
Brief Exercise 17-10 (Algo) Pension expense; prior service cost [LO17-6] The pension plan was amended last year, creating a prior service cost of $10 million. Service cost and interest cost for the year were $12 million and $5 million, respectively. At the end of the year, there was a negligible balance in the net gain-pensions account. The actual return on plan assets was $5 million although it was expected to be $6 million. On average, employees' remaining service life with the company is 10 years. What was the total pension cost for the year? Note: Amounts to be deducted should be indicated with a minus sign. Enter your answer in millions (i.e., 10,000,000 should be entered as 10)
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