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The funded status of Patel Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gain pensions , are
The funded status of Patel Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gainpensions are given below.
$ in thousands
Beginning Balances Ending Balances
Projected benefit obligation $ $
Plan assets
Funded status
Prior service costAOCI
Net gainAOCI
Retirees were paid $ and the employer contribution to the pension fund was $ at the end of The expected rate of return on plan assets was and the actuarys discount rate is There were no changes in actuarial estimates and assumptions regarding the PBO.
Required:
Determine the actual return on plan assets of
Determine the loss or gain on plan assets of
Determine the service cost of
Determine the pension expense of
Determine the average remaining service life of active employees used to determine amortization of the net gain for
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