Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2024 and 2025.*Footnote asterisk A consulting firm, engaged as actuary, recommends 4% as the appropriate discount rate. The service cost is $225,000 for 2024 and $320,000 for 2025. Year-end funding is $240,000 for 2024 and $250,000 for 2025. No assumptions or estimates were revised during 2024.