Coronado Company sponsors a defined benefit pension plan. The following information related to the pension...
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Accounting
Coronado Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021.
| 2020 | 2021 | |||||
| Plan assets (fair value), December 31 | $733,950 | $891,450 | ||||
| Projected benefit obligation, January 1 | 735,000 | 840,000 | ||||
| Pension asset/liability, January 1 | 147,000 | Cr. | ? | |||
| Prior service cost, January 1 | 262,500 | 252,000 | ||||
| Service cost | 63,000 | 94,500 | ||||
| Actual and expected return on plan assets | 25,200 | 31,500 | ||||
| Amortization of prior service cost | 10,500 | 12,600 | ||||
| Contributions (funding) | 120,750 | 126,000 | ||||
| Accumulated benefit obligation, December 31 | 525,000 | 577,500 | ||||
| Interest/settlement rate | 10 | % | 10 | % | ||
Compute pension expense for 2020 and 2021.
| Pension expense for 2020 | $ | |
| Pension expense for 2021 | $ |
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