Question
Gassman Village has a single-employer defined benefit pension plan to provide retiree pension benefits to its electric utility enterprise fund employees. The following information was
Gassman Village has a single-employer defined benefit pension plan to provide retiree pension benefits to its electric utility enterprise fund employees. The following information was provided from the actuary as of the beginning and end of the fiscal year. In addition, the utility fund contributed $2,300,000 cash to the pension plan during 2022. Using this information, determine what amount of pension expense should be recognized for 2022.
| Fiscal year ended 12/31/2021 | Fiscal year ended 12/31/2022 |
Net pension liability | $8,500,000 | $8.750,000 |
Deferred inflows of resources investment gains and demographic factors | $270,000 | $150,000 |
Deferred outflows of resources economic factors | $220,000 | $160,000 |
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