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A company starts 2020 with a PBO of 500K and plan assets of 400K USD in connecti...
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A company starts 2020 with a PBO of 500K and plan assets of 400K USD in connection with defined benefit pension plan. Interest for the year on PBO is 56K. Actual income on Plan Assets is 39K, and expected earnings were only 35K. Service cost for the year is 220,000. Funding for the year is 190,000. On 31.12.2020, the pension contract is amended resulting in a prior service cost of 100,000 USD. The average service life of the company’s employees is expected to be five years. What amount of pension expense should this company recognise in 2020 h
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