Question
Pension data for Sterling Properties include the following: ($ in 000s) Service cost, 2018 $ 131 Projected benefit obligation, January 1, 2018 450 Plan assets
Pension data for Sterling Properties include the following: ($ in 000s)
Service cost, 2018 $ 131 Projected benefit obligation, January 1, 2018 450 Plan assets (fair value), January 1, 2018 500 Prior service costAOCI (2018 amortization, $9) 100 Net lossAOCI (2018 amortization, $1) 121 Interest rate, 8% Expected return on plan assets, 12% Actual return on plan assets, 13% Required: Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards. 8% is the interest rate on high grade corporate bonds. Determine the net pension cost.
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