what is the Plan Expense, and PBO, and Plan Asset?

And, is the Plan Asset/Liability the same as the Plan Expense?

Thank you,

On January 1, 2017, Blossom Company has the following defined benefit pension plan balances:

PBO $4,455,000

Fair value of Pension Assets $4,270,000

The interest (settlement) rate applicable to the plan is 10%. On January 1, 2018, the company amends its pension agreement so that prior service cost of $504,000 are created. Other data related to the Pension Plan are as follows:

2017 2018

Service Cost $147,000 $183,000

PSC Amortization $0 $91,000

Contribution(funding) to the plan $244,000 $280,000

what is the Plan Expense, and PBO, and Plan Asset?

And, is the Plan Asset/Liability the same as the Plan Expense?

Thank you,

Problem 20-1 On January 1, 2017, Blossom Company has the following defined benefit pension plan balances. Projected benefit obligation $4,455,000 Fair value of plan assets The interest (settlement) rate applicable to the plans 10%. On January 1, 2018, the company a nd its pension agreement so that prior service costs of $504,000 are created. Other data related to the pension plan 2017 2018 $147,000 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid Actual return on pian assets Expected rate of return on assets 244,000 203.000 256,200 $183,000 91,000 200,000 283,000 260,000 Problem 20-1 On January 1, 2017, Blossom Company has the following defined benefit pension plan balances. Projected benefit obligation $4,455,000 Fair value of plan assets The interest (settlement) rate applicable to the plans 10%. On January 1, 2018, the company a nd its pension agreement so that prior service costs of $504,000 are created. Other data related to the pension plan 2017 2018 $147,000 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid Actual return on pian assets Expected rate of return on assets 244,000 203.000 256,200 $183,000 91,000 200,000 283,000 260,000