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Use the following information to answer items 15 to 18: Puerto Rico Co. provided the following data for the year 2020: Past service cost
Use the following information to answer items 15 to 18: Puerto Rico Co. provided the following data for the year 2020: Past service cost 600,000 Current service cost 1,000,000 Interest expense on defined benefit 1,200,000 obligation Interest income on plan assets 700,000 Loss on plan settlement before normal 500,000 retirement date Present value of benefit obligation settled in 1,900,000 advance Actual return on plan assets 1,700,000 Actuarial loss on defined benefit obligation 400,000 during the year Contribution to the plan Benefits paid to retirees Discount or settlement rate 15. What is the employee benefits expense for 2020? ARQ 219 Page 2 of 4 3,000,000 2,000,000 10%
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