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help 1. (11) Gregory, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the
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1. (11) Gregory, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2019: January 1, 2019 Dec 31, 2019 Projected benefit obligation $2,500,000 $3,700,000 Market-related value of plan assets 2,400,000 3,000,000 Accumulated OCI-(Prior Service Cost) 420,000 300,000 The service cost component for 2019 is $140,000 and the amortization of prior service cost is $120,000. The company's actual funding of the plan in 2019 amounted to $510,000. The expected return on plan assets and the settlement rate were both 8%. Instructions Determine the pension expense to be reported in 2019 and show the components Step by Step Solution
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