Presented below is pension information related to MJ Inc. for the year 2022: Service cost
Question:
Presented below is pension information related to MJ Inc. for the year 2022:
Service cost $410,000
Interest on projected benefit obligation 270,000
Interest on vested benefits 120,000
Amortization of prior service cost due to increase in benefits 60,000
Expected return on plan assets 90,000
Actual return on plan assets 100,000
The amount of pension expense to be reported for 2022 is ?
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon