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Question 14 Blossom, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year
Question 14 Blossom, 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: Projected benefit obligation Fair value of plan assets Accumulated benefit obligation Accumulated OCI-(PSC) January 1, 2021 $2,620,000 1,370,000 1,942,000 552,000 December 31, 2021 $2,970,000 1,720,000 2,632,000 306,000 The service cost component for 2021 is $ 146,000 and the amortization of prior service cost is $246,000. The company's actual funding of the plan in 2021 amounted to $512,000. The expected return on plan assets and the settlement rate were both 8%. (a) Determine the pension expense to be reported in 2021. Pension expense
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