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aliina [53]
3 years ago
7

The pension plan was amended last year, creating a prior service cost of $20 million. Service cost and interest cost for the yea

r were $10 million and $4 million, respectively. At the end of the year, there was a negligible balance in the net gain–pensions account. The actual return on plan assets was $4 million although it was expected to be $6 million. On average, employees’ remaining service life with the company is 10 years. What was the total pension cost for the year? (
Business
1 answer:
Roman55 [17]3 years ago
8 0

Answer:

Pension expense$ 10

Explanation:

($ in millions)

Service cost $10

Interest cost $4

Expected return on the plan assets(6)

Amortization of prior service cost 2

Amortization of net loss (gain) 0

Pension expense$ 10

Therefore the total pension cost for the year is $10,000,000

Amortization of prior service cost $20 ÷10 years = $2

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