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Health Corp., a publicly accountable company, sponsors a defined benefit pension plan. The following information is available for the year 2020: Actual return on
Health Corp., a publicly accountable company, sponsors a defined benefit pension plan. The following information is available for the year 2020: Actual return on plan assets Yield on high-quality corporate bonds Defined benefit obligation, January 1, 2020 6% 8% $850,000 Fair value of plan assets, January 1, 2020 $800,000 Current service cost $250,400 Contributions made evenly throughout the year $236,000 Benefits paid to retirees on December 31, 2020 $110,000 On December 31, 2020, a change in actuarial assumptions resulted in an ending defined benefit obligation of $1,030,000. Required: a) Determine Health Corp.'s pension expense for 2020. (3 marks) b) Determine the amount of other comprehensive income that resulted from Health Corp.'s pension plan in 2020. (3 marks)
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