The projected benefit obligation was $60 million at the beginning of the year. Service cost for the year was $12 million. At the end of the year, pension benefits paid by the trustee were $7 million and there were no pension-related other comprehensive income (OCI) accounts requiring amortization. The actuary's discount rate was 5%. The actual return on plan assets was $6 million although it was expected to be only $5 million. What was the total pension expense for the year? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10). Pension expense million

The projected benefit obligation was $60 million at the beginning of the year. Service cost for the year was $12 million. At the end of the year, pension benefits paid by the trustee were $7 million and there were no pension-related other comprehensive income (OCI) accounts requiring amortization. The actuary's discount rate was 5%. The actual return on plan assets was $6 million although it was expected to be only $5 million. What was the total pension expense for the year? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10). Pension expense million

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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