xercise 20-12

Flint Company received the following selected information from its pension plan trustee concerning the operation of the companys defined benefit pension plan for the year ended December 31, 2017.

		January 1, 2017		December 31, 2017
Projected benefit obligation		$1,483,000		$1,508,000
Market-related and fair value of plan assets		786,000		1,116,600
Accumulated benefit obligation		1,617,000		1,735,200
Accumulated OCI (G/L)Net gain		0		(198,300	)

The service cost component of pension expense for employee services rendered in the current year amounted to $75,000 and the amortization of prior service cost was $118,200. The companys actual funding (contributions) of the plan in 2017 amounted to $252,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,182,000 on January 1, 2017. Assume no benefits paid in 2017.

Determine the amounts of the components of pension expense that should be recognized by the company in 2017. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Components of Pension Expense
Actual Return on Plan AssetsAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService Cost		$
Actual Return on Plan AssetsAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService Cost
Actual Return on Plan AssetsAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService Cost
Actual Return on Plan AssetsAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService Cost