The following tables are the reports of the pension trustee and pension actuary for Timmins Industries, which
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The following tables are the reports of the pension trustee and pension actuary for Timmins Industries, which started the defined benefit pension plan at the beginning of 2018:
Required:
Compute the pension expense and the amount of OCI for the two years.
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Pension trustee report Opening assets, January 1 + Funding - Payments to retirees + Expected return on assets Expected value, December 31 Actual market value, December 31 Unexpected gain (loss) $ 2018 0 500,000 0 40,000 $ 540,000 476,000 $ (64,000) 2019 $ 476,000 545,000 (20,000) 81,000 1,082,000 1,038,000 $ (44,000)
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Pension Expense 2018 Service cost 520000 Interest on P...View the full answer
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