Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2021 and 2022. A consulting firm, engaged as actuary, recommends 5% as the appropriate discount rate. The service cost is $180,000 for 2021 and $230,000 for 2022. Year-end funding is $190,000 for 2021 and $200,000 for 2022. No assumptions or estimates were revised during 2021.
Calculate each of the following amount as of both December 31, 2021and December 31, 2022.
a. Project benefit obligation
b. Plan asset
c. pension expenses
Answers: 1
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Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions o...
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