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Business, 01.04.2021 20:10 allisonlillian

Hubbard, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021. 1/1/21 12/31/21 Projected benefit obligation $13,300,000 $13,720,000 Pension assets (at fair value) 7,000,000 8,050,000 Accumulated benefit obligation 2,800,000 3,220,000 Net (gains) and losses -0- 280,000 The service cost component of pension expense for 2021 is $1,040,000 and the amortization of prior service cost due to an increase in benefits is $220,000. The settlement rate is 10% and the expected rate of return is 8%. What is the amount of pension expense for 2021

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