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The following facts apply to the pension plan of Sheffield Inc. for the year 2020. Plan assets, January 1, 2020 $495,800 Projected benefit obligation, January
The following facts apply to the pension plan of Sheffield Inc. for the year 2020.
Plan assets, January 1, 2020 | $495,800 | ||
Projected benefit obligation, January 1, 2020 | 495,800 | ||
Settlement rate | 8 | % | |
Service cost | 42,100 | ||
Contributions (funding) | 22,600 | ||
Actual and expected return on plan assets | 47,700 | ||
Benefits paid to retirees | 33,400 |
Compute pension expense for the year 2020.
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