Question
Haley Manufacturing offers a defined-benefit pension plan for its employees.. The following data relates to the operation of the plan for the year 2019.
Haley Manufacturing offers a defined-benefit pension plan for its employees.. The following data relates to the operation of the plan for the year 2019. Projected benefit obligation (beginning of year)......... 3,600,000. Fair value of plan assets (beginning of year)................2,400,000. Service cost............. Contributions to the plan............ Actual return on plan assets..... $345,000. 330,000. 270,000. The expected return on plan assets and the settlement rate were both 10%. The amount of pension expense reported for 2019 is O a. $435,000. b. $345,000. c. $705,000. O d. $465,000.
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