11. Kippan, Inc. received the following information from its pension plan administrator concerning the operation of...
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11. Kippan, Inc. received the following information from its pension plan administrator concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021: Projected benefit obligation Fair value of plan assets January 1, 2021 $2,500,000 1,250,000 December 31, 2021 $2,850,000 1,600,000 The service cost component for 2021 is $180,000 and the amortization of prior service costs in 2021 is $240,000. The company contributed $525,000 into the plan in 2021. The expected return on plan assets and the settlement rate were both 8%. Calculate Kippan's 2021 pension expense. (6 points) 11. Kippan, Inc. received the following information from its pension plan administrator concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021: Projected benefit obligation Fair value of plan assets January 1, 2021 $2,500,000 1,250,000 December 31, 2021 $2,850,000 1,600,000 The service cost component for 2021 is $180,000 and the amortization of prior service costs in 2021 is $240,000. The company contributed $525,000 into the plan in 2021. The expected return on plan assets and the settlement rate were both 8%. Calculate Kippan's 2021 pension expense. (6 points)
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Related Book For
Intermediate Accounting
ISBN: 978-1118742976
16th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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