erizon Communications has a defined benefit pension plan with the following information: 2021 Beginning 2022 Beginning balances balances ($ in thousands) Projected benefit obligation $ (6,700) $(7,204) Plan assets 6,400 7,036 Prior service cost-AOCI 670 640 Net loss-AOCI $ 790 $ 850 t the end of 2021, Verizon contributed $730 thousand of cash to the pension fund. Retirees of the company were paid $664 housand. The plan asset's expected rate of return was 10%, and the discount rate on the obligations was 8%. There were no hanges in actuarial estimates and assumptions regarding the PBO. What is the 2021 pension expense?

erizon Communications has a defined benefit pension plan with the following information: 2021 Beginning 2022 Beginning balances balances ($ in thousands) Projected benefit obligation $ (6,700) $(7,204) Plan assets 6,400 7,036 Prior service cost-AOCI 670 640 Net loss-AOCI $ 790 $ 850 t the end of 2021, Verizon contributed $730 thousand of cash to the pension fund. Retirees of the company were paid $664 housand. The plan asset's expected rate of return was 10%, and the discount rate on the obligations was 8%. There were no hanges in actuarial estimates and assumptions regarding the PBO. What is the 2021 pension expense?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6MC

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