Question
Marigold Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets
Marigold 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) Projected benefit obligation Pension asset/liability Prior service cost OCI-Loss $269,400 334,400 65,000 Cr. 89,600 39,700 As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021. Service cost $44,500 Actual return on plan assets 26,900 Amortization of prior service cost 12,000 Contributions 64,400 Benefits paid retirees 41,400 Settlement rate 7 % Expected return on plan assets Average remaining service life of active employees 8 % 10 years
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