Business, 23.04.2021 04:20 issaaamiaaa15

Lee Electronics, Inc. reported the following information related to its defined-benefit pension plan at December 31, 2020: Projected benefit obligation ……………………………………. $320,000 Pension plan assets (held by a trustee) ……………………. $400,000 The plan was subject to the following pension-related circumstances during 2021: The interest (discount) rate in the marketplace remained at 5% throughout the year. The expected rate of return on plan assets and the actual rate of return were both 9%. Lee’s actuary determined that the pension portion of cost related to work performed by covered employees during the year was $60,000. In 2015, there had been an amendment to the plan that resulted in prior service cost of $40,000. Lee elected to amortize the effects of this amendment over 10 years. There were no actuarial changes in the pension liability or revisions to the investing strategies for the plan’s assets during 2021. Based on the information above, determine pension expense for the year ended December 31, 2021. Prepare a formal schedule to support your answer, with sufficient detail to support your calculation for each element of expense..

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Lee Electronics, Inc. reported the following information related to its defined-benefit pension plan...

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