Kingbird Company has experienced tough competition, leading it to seek concessions from its employees in the company's pension plan. In exchange for promises to avoid layoffs and wage cuts, the employees agreed to receive lower pension benefits in the future. As a result, Kingbird amended its pension plan on January 1, 2020, and recorded negative past service cost of $134,300. Current service cost for 2020 is $25,900. Interest expense is $8,400, and interest revenue is $2,000. Actual return on assets in 2020 is $1,800. Compute Kingbird's pension expense in 2020. (Enter amounts with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45)) Pension expense

Kingbird Company has experienced tough competition, leading it to seek concessions from its employees in the company's pension plan. In exchange for promises to avoid layoffs and wage cuts, the employees agreed to receive lower pension benefits in the future. As a result, Kingbird amended its pension plan on January 1, 2020, and recorded negative past service cost of $134,300. Current service cost for 2020 is $25,900. Interest expense is $8,400, and interest revenue is $2,000. Actual return on assets in 2020 is $1,800. Compute Kingbird's pension expense in 2020. (Enter amounts with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45)) Pension expense

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 7P

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