6. Pension data for Goldman Company indluded the following for the current calen

Question

6. Pension data for Goldman Company indluded the following for the current calendar year Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost Amortization of net loss Discount rate, 10% Expected retum on plan assets, 12% Actual return on plan assets, 14% $120,000 850,000 900,000 7,000 3,000 Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Service cost Interest cost Actual return on assets Amortization of prior service cost Amortization of net loss 120,000 85,000 (108,000) 7,000 3,000 S 107,000 Pension expense es ?? F3 4

Explanation / Answer

Service cost 120000 Interest cost 85000 =850000*10% Expected return -108000 =900000*12% Amortization of prior service cost 7000 Amortization of net loss 3000 Pension expense 107000

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