Ivanhoe Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020,...
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Accounting
Ivanhoe Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan.
Plan assets$470,900Projected benefit obligation609,900Pension asset/liability139,000Accumulated OCI (PSC)99,800Dr.
As a result of the operation of the plan during 2020, the following additional data are provided by the actuary.
Service cost$93,800Settlement rate, 10%Actual return on plan assets54,500Amortization of prior service cost19,800Expected return on plan assets51,300Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions74,300Contributions99,100Benefits paid retirees85,600
Part 1
Using the data above, compute pension expense for Ivanhoe Corp. for the year 2020 by preparing a pension worksheet
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