Question: Garmin Inc. sponsored a defined benefit plan in 2020. Plan assets had a January 1, 2020, balance at fair value of $247,000 and a December

Garmin Inc. sponsored a defined benefit plan in 2020. Plan assets had a January 1, 2020, balance at fair value of $247,000 and a December 31, 2020, balance at fair value of $256,120. The actual return on plan assets is 5%. The trustee paid $34,200 of benefits to retirees.

Required:

Compute Garmin's 2020 contribution to the defined benefit plan. (please show your computations)

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