Question
The Yuan Zang company has a defined benefit pension plan. At the end of the current reporting period December 31, 20X1 and December 31,20X2 the
The Yuan Zang company has a defined benefit pension plan. At the end of the current reporting period December 31, 20X1 and December 31,20X2 the following was available:
Actuary's Report ( Defined Benefit Obligations) | Year 20X1 | Year 20X2 |
Beginning defined Pension Obligation | 5,200,000 | |
Amended for Past Service Cost 01/01/X1 | 800,000 | |
Interest Cost (5,200,000 + 800,000) * 10% | 600,000 | |
Current Service Cost | 760,000 | 900,000 |
Benefits Paid to Retiree | 400,000 | |
Ending Defined Pension Obligation |
Trustee's Report ( Status of the Pension Fund Assets) | Year 20X1 | Year 20X2 |
Beginning Pension Fund Assets | 3,100,000 | |
Expected Return on Pension Fund Asset ( *10%) | 310,000 | |
Contribution | 220,000 | 5,300,000 |
Benefits Paid to Retirees | ( ) | ( 400,000 ) |
Unrealized Acturial Loss/Gain | (60,000) | 62,000 |
Ending Pension Fund Asset | 3,100,000 | 8,372,000 |
Other information and assumptions:
The discount rate and the expected rate of return are 10%
The actual rate of return in 20X1 was 8%
The actual rate of return in 20X2 was 12%
Required:
I just need to figure out the numbers in the table. Thank you
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