Problem 20-05 (Part Level Submission)

Flounder Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2017. The insurance company which administers the pension plan provided the following selected information for the years 2020, 2021, and 2022.

		For Year Ended December 31,
		2020		2021		2022
Plan assets (fair value)		$50,000		$85,100		$180,310
Accumulated benefit obligation		45,200		166,100		290,300
Projected benefit obligation		60,000		200,700		322,100
Net (gain) loss (for purposes of corridor calculation)		0		78,900		87,441
Employers funding contribution (made at end of year)		50,000		60,000		105,100

There were no balances as of January 1, 2020, when the plan was initiated. The actual and expected return on plan assets was 10% over the 3-year period, but the settlement rate used to discount the companys pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $60,000; 2021, $85,100; and 2022, $110,300. The average remaining service life per employee is 12 years. No benefits were paid in 2020, $29,900 of benefits were paid in 2021, and $18,400 of benefits were paid in 2022 (all benefits paid at end of year).

(a)

Calculate the amount of net periodic pension expense that the company would recognize in 2020, 2021, and 2022. (Round answers to 0 decimal places, e.g. 2,525.)

Pension expense for 2020		$
Pension expense for 2021		$
Pension expense for 2022		$