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Pharoah, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December
Pharoah, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021
The service cost component of pension expense for 2021 is $1080000 and the amortization of prior service cost due to an increase in benefits is $250000. The settlement rate is 11% and the expected rate of return is 9%. What is the amount of pension expense for 2021? $2171000
$2076500
$2217200
$1841000
1/1/21 12/31/21 Projected benefit obligation $ 13700000 $ 14120000 Pension assets (at fair value) 7400000 8450000 Accumulated benefit obligation 3000000 3420000 Net (gains) and losses 0 320000Step by Step Solution
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