Current Attempt in Progress Pearl Corp. sponsors a defined benefit pension plan for its employees. On...
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Current Attempt in Progress Pearl 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) $420,000 Projected benefit obligation Pension asset/liability Prior service cost OCI-Loss 550,000 130,000 Cr. 89,000 65,000 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 $45,000 Actual return on plan assets in 2021 35,000 Amortization of prior service cost 19,000 Contributions in 2021 41,000 Benefits paid retirees in 2021 16,000 Settlement rate 6% Expected return on plan assets 5% Average remaining service life of active employees 8 years Current Attempt in Progress Pearl 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) $420,000 Projected benefit obligation Pension asset/liability Prior service cost OCI-Loss 550,000 130,000 Cr. 89,000 65,000 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 $45,000 Actual return on plan assets in 2021 35,000 Amortization of prior service cost 19,000 Contributions in 2021 41,000 Benefits paid retirees in 2021 16,000 Settlement rate 6% Expected return on plan assets 5% Average remaining service life of active employees 8 years
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