Veldre SpA provides the following information about its defined benefit pension plan for the year 2019.
Service cost...........................................................€ 90,000
Contribution to the plan.............................................105,000
Benefits paid............................................................40,000
Plan assets at January 1, 2019.......................................640,000
Defined benefit obligation at January 1, 2019...................700,000
Discount (interest) rate..................................................10%
Instructions
Compute the pension expense for the year 2019.