Business, 19.04.2021 15:20 samanthabutryn

Cullumber Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets $478,400
Projected benefit obligation 612,700
Pension asset/liability 134,300
Accumulated OCI (PSC) 97,100 Dr.

As a result of the operation of the plan during 2020, the following additional data are provided by the actuary.

Service cost $86,500
Settlement rate, 10%
Actual return on plan assets 56,000
Amortization of prior service cost 20,000
Expected return on plan assets 53,100
Unexpected loss from change in projected
benefit obligation, due to
change in actuarial predictions 78,200
Contributions 95,600
Benefits paid retirees 81,100

Required:
Using the data above, compute pension expense for Cullumber Corp. for the year 2017 by preparing a pension worksheet.

Answers: 2

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Cullumber Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the f...

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