Problem
Presented below is infomration related to a pension plan for 2016:
Service Cost- $55,000
Funding Contribution for 2016- 53,000
Settlement rate used in actuarail computation- 8%
Expected return on plan assets 7%
Actual return on plan assets 8%
Amortization of PSC $90,000
PBO beg. of period- 540,000
Fair value of plan assets beg. of period- 360,000
Accumulated benefit obligation- 739,600
Average remianing service life of all employees- 20 Years
Vested benefit obligation at Dec 31 768,000
At the beg. of 2016, the actuary determines that the retirement period for all retiress will increase by an average of 2 years, increasing the PBO by $129,000
1). What is the pension expense for 2016?