On January 1, 2020, the net defined benefit liability on the financial statements of Abel Co. was
Fantastic news! We've Found the answer you've been seeking!
Question:
On January 1, 2020, the net defined benefit liability on the financial statements of Abel Co. was $250,000. Abel follows ASPE and chooses to classify net interest cost as part of pension expense.
Abel's controller provided the following information for the period of January 1 to December 31, 2020:
- Total benefits in the amount of $10,000 were paid evenly throughout the year.
- The company contributed $200,000 during the year.
- The current service costs (CSCs) were determined to be $50,000.
- The actual loss on the defined benefit obligation (DBO) was $35,000.
- The actual gain on plan assets was $5,000.
What is the pension expense for the year ended December 31, 2020?
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date: