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Nick Inc. sponsors a defined-benefit pension plan. The corporation's actuary provides the following information about the plan. Projected benefit obligation 1/1/2021 12/31/2021 625,000 Plan
Nick Inc. sponsors a defined-benefit pension plan. The corporation's actuary provides the following information about the plan. Projected benefit obligation 1/1/2021 12/31/2021 625,000 Plan assets 550,000 Prior service cost (plan amended) 228,000 Accumulated OCI (G/L)-Cr. 92,500 Expected rate of return 6% Settlement rate 5% Service cost 85,000 Contributions (funding) 120,000 Actual return on plan assets 44,000 Benefits paid to retirees 110,000 10 Average service life of all covered employees in years INSTRUCTIONS: Compute the following for 2021 (Use comma in numbers, one thousand is 1,000, not 1000. No $ sign. No positive or negative sign). (1) Interest cost (2) Unexpected gain/loss on plan assets (3) PSC amortization (4) G/L amortization (5) Total pension expense
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