Pension data for Sterling Properties include the following: Required: Determine

Question

Pension data for Sterling Properties include the following:

Required:
Determine pension expense for 2018. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.)

($ in 000s) Service cost, 2018 $ 125 Projected benefit obligation, January 1, 2018 660 Plan assets (fair value), January 1, 2018 700 Prior service cost–AOCI (2018 amortization, $8) 90 Net loss–AOCI (2018 amortization, $2) 111 Interest rate, 5% Expected return on plan assets, 9% Actual return on plan assets, 10%

Explanation / Answer

Service Cost      125.00 Interest Cost - $660 X 5%         33.00 Expected Return on Assets - ($700 X 10% - $7)      (70.00) Amortization of prior Service Cost           8.10 Amortization of Net Loss           2.00 Pension Expense         98.10

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.