Question
Pension data for Manu Services Inc. include the following: Discount rate 7% Expected return on plan assets 9% Actual return on plan assets 7% Service
Pension data for Manu Services Inc. include the following:
Discount rate | 7% |
Expected return on plan assets | 9% |
Actual return on plan assets | 7% |
Service cost, 2016 | 239,400 |
Accumulated benefit obligation 1/1/16 | 1,993,370 |
Projected benefit obligation 1/1/16 | 2,424,660 |
Plan assets (fair value) 1/1/16 | 2,820,320 |
Prior service cost–AOCI 1/1/16 | 277,469 |
Net gain–AOCI 1/1/16 | 293,400 |
2016 Cash contributions to pension fund | 305,415 |
2016 Benefit payments to retirees | 256,005 |
On average, employees' remaining service life with the company is 10 years
When recording the pension expense for 2016 for Manu, Pension Expense will be debited for $_________
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