Defined benefit obligation, Jan 1$ 375,000

Fair value of plan assets, Jan 1350,000

Current service cost300,000

Interest (discount) rate10%

Actual return on plan assets35,000

Past service cost (as of Jan 1)25,000

Actuarial loss14,900

Contributions to plan290,000

Remeasurement loss on plan assets11,500

Payments to retirees250,000

Instructions

a)Calculate the pension expense to be reported on the income statement for 2020.

b)Calculate the amount to be shown as OCI for 2020.

c)Calculate the fair value of the plan assets at December 31, 2020.

d)Prepare the journal entries to reflect the accounting for the company's pension plan for the year ending December 31, 2020.