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Scroll down to complete all parts of this task. Gator Corporation provides the following defined benefit pension plan data: Defined benefit, noncontributory plan with immediate
Scroll down to complete all parts of this task. Gator Corporation provides the following defined benefit pension plan data: Defined benefit, noncontributory plan with immediate full vesting Benefits paid at the end of each retirement year beginning at age 60 Expected 9% rate of return on plan assets Pension benefit = Years of service x.02 x Average of five highest annual salaries 12/31/Year 15 12/31/Year 14 Projected benefit obligation $1,000,000 $900,000 Fair value of plan assets 850,000 750,000 Additional Information Gator's discount rate is 7%. Average remaining service period of active employees expected to receive benefits is 10 years. Service cost for Year 15 is $100,000. Prior service cost recognized in other comprehensive income on 1/1/Year 15 was $300,000. Net gain recognized in other comprehensive income on 1/1/Year 15 was $100,000. The expected retirement period is 20 years. Determine Gator Corporation's minimum required pension expense for Year 15 using the information above. Enter the appropriate amounts in the designated cells below. Indicate debit balances as positive numbers and credit balances as negative numbers using a leading minus (-) sign. Minimum required pension expense Amount 123 1. Service cost 123 2. Interest cost 123 3. Expected return on plan assets at 1/1/Year 15 123 4. Amortization of gain recognized in OCI 123 5. Amortization of prior service cost recognized in OCI 123 6. Pension expense for Year 15
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