The Year 1 records for a defined benefit pension plan include the following information. All amounts have their expected direction.

Beginning balances:
Projected benefit obligation	500
Plan assets	400
Prior service cost	42
Unrecognized pension losses	110
Discount rate	7%
Expected rate of return	8%
Average remaining employee service life	10 years
Activity during the year:
Service cost	70
Actual return on plan assets	27
Retiree benefits paid	23
Employer contributions	31
Prior service cost recognized	7
Gain on projected benefit obligation	12

1. Calculate Year 1 periodic pension cost and the Year 1 ending balances for the projected benefit obligation, plan assets, prior service cost and unrecognized pension losses. Note that this will require calculation of several other amounts.
2. What is the minimum amount of pension losses that will be recognized in Year 2?

Answer rating: 100% (QA)

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