Pension plan assets were $320 million at the beginning of the year. The return on plan assets was 5%. At the end of the year, retiree benefits paid by the trustee were $14 million and cash invested in the pension fund was $18 million.
What was the amount of the pension plan assets at year-end?
The projected benefit obligation was $280 million at the beginning of the year and $300 million at the end of the year. At the end of the year, pension benefits paid by the trustee were $12 million and there were no pension-related other comprehensive income accounts requiring amortization. The actuary’s discount rate was 5%.
What was the amount of the service cost for the year?