Business, 01.03.2021 21:30 LuckyCharms988

Carla Vista Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (fair value) $640,000
Projected benefit obligation 690,000
Pension asset/liability 50,000
Cr. Prior service cost 84,000
OCI - Loss 74,000

As a result of the operation of the plan during 2021, the actuary provided the following additional data at December 31, 2021.

Service cost for 2021 $79,000
Actual return on plan assets in 2021 52,380
Amortization of prior service cost 22,200
Contributions in 2021 124,000
Benefits paid retirees in 2021 89,000
Settlement rate 7%
Expected return rate 8%

Average remaining service life of active employees 10 years.

Required:
Compute pension expense for Carla Vista Corp. for the year 2021 by preparing a pension worksheet.

Answers: 2

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Carla Vista Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2021, the...

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