1. Problem - A company sponsors a defined-benefit pension plan. The following data relating to the plan is provided: Contributions to the plan, Service cost, Interest on projected benefit obligation, Amortization of prior service cost due to increase in benefits, Expected return on plan assets. What amount should be reported for pension expense?
2. Problem - A company sponsors a defined-benefit pension plan. Balance sheet data is provided: Plan assets (at fair value), Accumulated benefit obligation, Projected benefit obligation. Contributions were made to the plan during the year. What amount should the company report as its pension liability on its balance sheet?