The following information is available for Wildhorse Corporation’s pension plan for the 2020 fiscal year: Define...
The following information is available for Wildhorse Corporation’s pension plan for the 2020 fiscal year:
| Defined benefit obligation, 1/1/20, accounting basis, before plan amendment | $257,000 | ||
| Fair value of plan assets, 1/1/20 | 329,000 | ||
| Current service cost | 63,200 | ||
| Discount rate | 14% | ||
| Actual return on plan assets | 12% | ||
| Contributions (funding) | 78,300 | ||
| Benefits paid to retirees | 43,200 |
On January 1, 2020, Wildhorse Corp. amended its pension plan,
resulting in past service costs with a present value of $140,150.
Wildhorse follows ASPE.
(a)
Calculate pension expense for 2020.
| Pension expense | $enter Pension expense in dollars |
Homework Answers
Sol:
| COMPUTATION OF PENSION EXPENSE | ||
| SERVICE COST | $ 63,200.00 | |
| INTEREST COST | $257000*14% | $ 35,980.00 |
| ACTUAL (EXPECTED) RETURN ON PLAN ASSETS | $329000*12% | $ (39,480.00) |
| UNRECOGNIZED PRIOR SERVICE COST AMORTIZATION | $ 140,150.00 | |
| PENSION EXPENSE | $ 199,850.00 | |
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