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Cullumber Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related
Cullumber Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan.
Plan assets (market-related value) | $270,400 | ||
Projected benefit obligation | 342,400 | ||
Pension asset/liability | 72,000 | Cr. | |
Prior service cost | 89,500 | ||
OCILoss | 38,400 |
As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021.
Service cost | $44,200 | ||
Actual return on plan assets | 27,600 | ||
Amortization of prior service cost | 11,900 | ||
Contributions | 64,400 | ||
Benefits paid retirees | 41,400 | ||
Settlement rate | 7 | % | |
Expected return on plan assets | 8 | % | |
Average remaining service life of active employees | 10 years |
Indicate the pension amounts reported in the financial statements. Cullumber Corp. Income Statement (Partial) $ $ Cullumber Corp. Comprehensive Income Statement $XXXX
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