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rewona [7]
3 years ago
8

The following information pertains to Havana Corporation's defined benefit pension plan: ($ in 000s) 2018 2019 Beginning balance

s Beginning balances Projected benefit obligation $ (6,000 ) $ (6,504 ) Plan assets 5,760 6,336 Prior service cost-AOCI 600 552 Net loss-AOCI 720 786 At the end of 2018, Havana contributed $696 thousand to the pension fund and benefit payments of $624 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is Havana's 2018 actual return on plan assets?
Business
1 answer:
Hitman42 [59]3 years ago
5 0

$504000 is the actual return

<u>Explanation:</u>

particulars                           calculation Amount

Service cost                                         700000

Interest cost                     600000 * 8 \%        480000

Less: Expected return 10 \% * 5760000    576000

Prior service cost                                    48000

Net loss                                                     30000

Pension expense                                       682000

Therefore, the pension expense is $682000

<u>The computation is as follows for the calculation of return (in $000’s) </u>

<u>Plan assets </u>

Beginning = $5760

Actual return = ?

Cash contributions = 696

Less: Retireee benefits = (624)

Ending balance = $6336

Thus after solving this, we get the actual return that is equal to = $504,000

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