The pension plan was amended last year, creating a prior service cost of $20 million. Service cost
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The pension plan was amended last year, creating a prior service cost of $20 million. Service cost and interest cost for the year were $10 million and $4 million, respectively. At the end of the year, there was a negligible balance in the net gain–pensions account. The actual return on plan assets was $4 million although it was expected to be $6 million. On average, employees' remaining service life with the company is 10 years. What was the pension expense for the year?
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Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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