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On January 1, 2021, Sandhill Co. has the following balances: Projected benefit obligation $ 6400000 Fair value of plan assets 5800000 The settlement rate is
On January 1, 2021, Sandhill Co. has the following balances:
| Projected benefit obligation | $ | 6400000 | |
| Fair value of plan assets | 5800000 |
The settlement rate is 10%. Other data related to the pension plan for 2021 are:
| Service cost | $ | 328000 | |
| Amortization of prior service costs | 76000 | ||
| Contributions | 368000 | ||
| Benefits paid | 343000 | ||
| Actual return on plan assets | 360000 | ||
| Amortization of net gain | 24800 |
The balance of the projected benefit obligation at December 31, 2021 is
|
| $7368000. |
|
| $7025000. |
|
| $6884000. |
|
| $7040000. |
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