Kingbird Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the...
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Kingbird Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $483,600 Projected benefit obligation 574,300 Pension asset/liability 90,700 Accumulated OCI (PSC) 101,400 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees $93,300 56,300 18,200 53,200 76,200 96,100 84,300 (a) Using the data above, compute pension expense for Kingbird Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive) Kingbird Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $483,600 Projected benefit obligation 574,300 Pension asset/liability 90,700 Accumulated OCI (PSC) 101,400 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees $93,300 56,300 18,200 53,200 76,200 96,100 84,300 (a) Using the data above, compute pension expense for Kingbird Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive)
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