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10 June, 11:12

Pension data for Quinones Company included the following for the current calendar year: Actual return on plan assets $ 85,000 Amortization of net loss 2,500 Amortization of prior service cost 6,500 Expected return on plan assets 68,000 Interest cost 48,000 PBO, January 1 800,000 Plan assets, January 1 850,000 Service cost 110,000 What is pension expense for the year

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  1. 10 June, 11:45
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    pension expense 99,000

    Explanation:

    The pension expense is determinate with the expected return on assets not their actual return.

    Service cost 110,000

    Interest cost 48,000

    expected return (68,000)

    Amortization of prior service cost 6,500

    Amortization of net loss 2,500

    pension expense 99,000
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