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Damian recorded its contribution into its pension plan as Pension Expense in 2022. In examining 2021s financials you note the following in the footnotes (all
Damian recorded its contribution into its pension plan as Pension Expense in 2022. In examining 2021s financials you note the following in the footnotes (all numbers in 000s). Projected Pension Benefit Obligation ($2,200) Plan Assets (Fair Value) 2,000 Unfunded Pension (200) Unamortized Prior service cost 240 In discussions with the actuary you determine the following: 2022 service cost is $160. The discount rate used to compute the PBO is 6% At 12/31/21, 10 years remained related to the prior service cost. The company assumes an expected return on its pension assets of 7%. Funding is always on 12/31 of each year. The plan asset value at the end of 2022 after the funding was $2,340 Assume that the pension expense was properly recorded in 2021, but that the firm recorded nothing related to the funded status of the plan on the books. Through the end of 2021, the firm had no unrecognized gains or loss related to actuarial assumptions or plan assets
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