Problem
Pension data for Goldman Company included the following for the current calendar year:
|
Service cost
|
$140,000
|
|
PBO, January 1
|
650,000
|
|
Plan assets, January 1
|
700,000
|
|
Amortization of prior service cost
|
5,000
|
|
Amortization of net loss
|
1,000
|
|
Discount rate, 6%
|
|
|
Expected return on plan assets, 8%
|
|
|
Actual return on plan assets, 10%
|
|
Required:
Determine pension expense for the year.