Question: The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit(Credit) PBO Plan
The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC).
| ($ in millions) Debit(Credit) | PBO | Plan Assets | Prior Service Cost | Net (Gain)/Loss | Pension Expense | Cash | Net Pension (Liability)/ Asset | |||||||||||||||||||
| Beginning balance | (850 | ) | 45 | (107 | ) | |||||||||||||||||||||
| Service cost | 79 | |||||||||||||||||||||||||
| Interest cost | 68 | |||||||||||||||||||||||||
| Expected return on assets | 85 | |||||||||||||||||||||||||
| Gain/loss on assets | (3 | ) | ||||||||||||||||||||||||
| Amortization of: | ||||||||||||||||||||||||||
| Prior service cost | (8 | ) | ||||||||||||||||||||||||
| Net gain/loss | 4 | |||||||||||||||||||||||||
| Loss on PBO | (9 | ) | ||||||||||||||||||||||||
| Contributions to fund | (62 | ) | ||||||||||||||||||||||||
| Retiree benefits paid | (82 | ) | ||||||||||||||||||||||||
| Ending balance | 876 | (98 | ) | |||||||||||||||||||||||
What was FRC's pension expense for the year?
Choices are
68 million
62 million
142 million
66 million
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