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Newton Inc offers its employees a defined benefit pension plan. Newton Inc íepoíts undeí US GAAP. It records actual gains and losses in Other Compíehensive

Newton Inc offers its employees a defined benefit pension plan. Newton Inc íepoíts undeí US GAAP. It records actual gains and losses in Other Compíehensive Income (OCI) and amoítizes these amounts over the average remaining service life of its employees when they exceed a threshold. Newton Inc did not record any past service cost in fiscal year 2021.


Below you can find exceípts from Newton’s pension footnotes:



2020

2021

Seívice cost

£3,300

£3,500

Interest cost

£1,600

£1,750

Expected return on plan assets

£2,100

£1,900

Actual return on plan assets

£1,900

£2,000

Contíibutions to defined benefits plan

£2,000

£2,100

Benefits paid

£1,250

£1,350

Pension liability

£35,000

£42,500

Accumulated OCI losses related to defined benefit plans

£4,500

£5,100


Calculate your best appíoximation of the net pension expenses recorded in P&L íelated to defined benefit plans in the fiscal year 2021?

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