question archive Based on the following data, determine the net periodic pension cost: Service cost
Based on the following data, determine the net periodic pension cost: Service cost
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Based on the following data, determine the net periodic pension cost:
Service cost ........................................... $900,000
Amortization of prior service cost ..................... 120,000
Funding of prior service cost .......................... 180,000
Expected return on plan assets ......................... 400,000
Excess of actual return over expected return ........... 30,000
Amortization of deferred loss from prior years ......... 20,000
Interest cost .......................................... 360,000
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Answer:
Service cost ................................ $900,000
Interest cost ............................... 360,000
Actual return on plan assets
($400,000 + $30,000) ....................... (430,000)
Amortization of prior service cost .......... 120,000
Gain or loss:
Deferred gain for current year ............ $30,000
Amortization of deferred loss ............. 20,000 50,000
Net periodic pension cost ................... $1,000,000
