Problem - Assume the following data is presented for Oehler Company for the year 2014
Annual service cost for 2014................................................................. $29,000
Settlement rate is 7%; expected earnings rate is 7%
Actual return on plan assets for 2014..................................................... 28,000
Amortization of PSC in 2014..................................................................... 21,000
Contributions (funding) in 2014................................................................ 32,000
Benefits paid to retirees in 2014............................................................... 20,000
The end-of-year 2014 projected benefit obligation....................... .... 640,000
Required:
(a) Determine the pension expense for the year 2014.
(b) Determine the beginning of the year projected benefit obligation.