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Ivanhoe Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related
Ivanhoe Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related value) $272,700 Projected benefit obligation 346,100 Pension asset/liability 73,400 Cr. Prior service cost 89,100 OCI-Loss 39,500 As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021. Service cost $45,500 Actual return on plan assets 26,600 Amortization of prior service cost 12,300 Contributions 66,300 Benefits paid retirees 41,700 Settlement rate 7 % Expected return on plan assets 8 % Average remaining service life of active employees 10 years (a) Compute pension expense for Ivanhoe Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Annual Pension Expense Cash Balance, Jan. 1, 2021 $ $ Service cost Interest cost Actual return v Unexpected gain
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