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Flounder Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years
Flounder Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2020 and 2021. 2020 Projected benefit obligation, January 1 $599,300 Plan assets (fair value and market-related value), January 1 408,400 Pension asset/liability, January 1 190,900 Cr. Prior service cost, January 1 159,400 2021 Service cost Settlement rate Expected rate of return 40,400 $58,500 10 % 10 % 10 % 10 % Actual return on plan assets 35,700 60,900 Amortization of prior service cost 69,800 49,800 Annual contributions 97,400 81,600 Benefits paid retirees 31,700 54,830 Increase in projected benefit obligation due to changes in actuarial assumptions 87,600 0 Accumulated benefit obligation at December 31 724,200 784,800 Average service life of all employees 20 years Vested benefit obligation at December 31 461,900
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