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Business, 03.04.2020 22:03 Flaka2809

The service cost component of pension expense for employee services rendered in the current year amounted to $77,000 and the amortization of prior service cost was $120,000. The company’s actual funding (contributions) of the plan in 2020 amounted to $250,000. 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 $1,200,000 on January 1, 2020. Assume no benefits paid in 2020. Determine the amounts of the components of pension expense that should be recognized by the company in 2020.

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