Assignment Problem: Stellar Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan.
Plan assets $498,300
Projected benefit obligation 614,700
Pension asset/liability 116,400
Accumulated OCI (PSC) 96,900 Dr.
As a result of the operation of the plan during 2017, the following additional data are provided by the actuary.
Service cost $92,500
Settlement rate, 9%
Actual return on plan assets 54,200
Amortization of prior service cost 18,100
Expected return on plan assets 51,200
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 74,200
Contributions 97,200
Benefits paid retirees 82,600
Assignment Requirement: Using the data above, compute pension expense for Stellar Corp. for the year 2017 by preparing a pension worksheet. (Enter all amounts as positive.)
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