Veldre Company provides the following information about its defined benefit pension plan for the year 2014.\nService cost $ 90,000\nContribution to the
Veldre Company provides the following information about its defined benefit pension plan for the year 2014.
\r\nService cost $ 90,000
\r\nContribution to the plan 105,000
\r\nPrior service cost amortization 10,000
\r\nActual and expected return on plan assets 64,000
\r\nBenefi ts paid 40,000
\r\nPlan assets at January 1, 2014 640,000
\r\nProjected benefi t obligation at January 1, 2014 700,000
\r\nAccumulated OCI (PSC) at January 1, 2014 150,000
\r\nInterest/discount (settlement) rate 10%
\r\nInstructions
\r\nCompute the pension expense for the year 2014.