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The following information relates to the pension plan for the employees of Sheridan Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 8540000 $ 8960000 $
The following information relates to the pension plan for the employees of Sheridan Co.:
1/1/20 | 12/31/20 | 12/31/21 | ||||||||||
Accum. benefit obligation | $ | 8540000 | $ | 8960000 | $ | 11900000 | ||||||
Projected benefit obligation | 9065000 | 9758000 | 13307000 | |||||||||
Fair value of plan assets | 8225000 | 10220000 | 11354000 | |||||||||
AOCI net (gain) or loss | -0- | (1442000 | ) | (1610000 | ) | |||||||
Settlement rate (for year) | 10% | 10% | ||||||||||
Expected rate of return (for year) | 7% | 6% |
Sheridan estimates that the average remaining service life is 16 years. Sheridan's contribution was $1253000 in 2021 and benefits paid were $917000. The interest cost for 2021 is
| $1330700. |
| $906500. |
| $896000. |
| $975800. |
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