Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2012 and 2013.
|
|
2012
|
|
2013
|
| Plan assets (fair value), December 31 |
|
$1,680,396 |
|
|
$2,040,996 |
|
| Projected benefit obligation, January 1 |
|
1,682,800 |
|
|
1,923,200 |
|
| Pension asset/liability, January 1 |
|
336,560 |
Cr. |
|
? |
|
| Prior service cost, January 1 |
|
601,000 |
|
|
576,960 |
|
| Service cost |
|
144,240 |
|
|
216,360 |
|
| Actual and expected return on plan assets |
|
57,696 |
|
|
72,120 |
|
| Amortization of prior service cost |
|
24,040 |
|
|
28,848 |
|
| Contributions (funding) |
|
276,460 |
|
|
288,480 |
|
| Accumulated benefit obligation, December 31 |
|
1,202,000 |
|
|
1,322,200 |
|
| Interest/settlement rate |
|
9 |
% |
|
9 |