Question: Please do not copy from Chegg. I need an original answer with proper explanation with step by step explanation. Lawrence Company has a defined benefit

Please do not copy from Chegg. I need an original answer with proper explanation with step by step explanation.

Lawrence Company has a defined benefit pension plan. On December 31 of the current year (the end of the fiscal year), the actuary's report to the company contained the following information: Ending PBO, $115,000; benefits paid to retirees, $15,000; interest cost, $9,000. The discount rate applied to be the actuary was 9%.

What was the service cost for the year?

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