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The following information pertains to Johnson Corp.s defined benefit pension plan for 2020: Projected benefit obligation 1/1/20 980,000 Plan assets 1/1/20 790,000 Prior service cost
The following information pertains to Johnson Corp.s defined benefit pension plan for 2020: | |||
Projected benefit obligation 1/1/20 | 980,000 | ||
Plan assets 1/1/20 | 790,000 | ||
Prior service cost | 84,000 | ||
Accumulated OCI - Loss | 100,400 | ||
Service cost for 2020 | 92,000 | ||
Settlement rate | 7% | ||
Expected return on plan assets | 6% | ||
Estimated future service life of employees | 12 years | ||
What amount willJohnson report as pension expense in its 2020 income statement? |
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