Brown Corp sponsors a defined benefit pension plan for its employees. On Jan 1, 2021, the following balances relate to this plan: Plan asset $471,000 Projected benefit obligation 618,600 Pension asset/liability 147,600 Accumulated OCI (PSC) 101,300 Dr. As a result of the operation of the plan during 2021, the following additional data are provided: Service cost Settlement rate, 8% $93,100 Actual return on plan assets 56,300 Amortization of prior service cost 18,200 Expected return on plan assets 53,500 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees 74,700 101,600 82,700 What is the pension expense Brown should debit in 2021: $100,402 $97,068 $110,372 $107,288

Brown Corp sponsors a defined benefit pension plan for its employees. On Jan 1, 2021, the following balances relate to this plan: Plan asset $471,000 Projected benefit obligation 618,600 Pension asset/liability 147,600 Accumulated OCI (PSC) 101,300 Dr. As a result of the operation of the plan during 2021, the following additional data are provided: Service cost Settlement rate, 8% $93,100 Actual return on plan assets 56,300 Amortization of prior service cost 18,200 Expected return on plan assets 53,500 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees 74,700 101,600 82,700 What is the pension expense Brown should debit in 2021: $100,402 $97,068 $110,372 $107,288

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6E

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