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The following information relates to the pension plan for the employees of Cullumber Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 8140000 $ 8560000 $
The following information relates to the pension plan for the employees of Cullumber Co.:
| 1/1/20 | 12/31/20 | 12/31/21 | ||||||||||
| Accum. benefit obligation | $ | 8140000 | $ | 8560000 | $ | 11500000 | ||||||
| Projected benefit obligation | 8665000 | 9358000 | 12907000 | |||||||||
| Fair value of plan assets | 7825000 | 9820000 | 10954000 | |||||||||
| AOCI net (gain) or loss | -0- | (1402000 | ) | (1570000 | ) | |||||||
| Settlement rate (for year) | 11% | 11% | ||||||||||
| Expected rate of return (for year) | 8% | 7% | ||||||||||
Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1213000 in 2021 and benefits paid were $877000. The interest cost for 2021 is
$941600.
$1419770.
$1029380.
$953150.
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