E20-2B (Computation of Pension Expense) McCaw Company provides the following information about its defined-benefit pension plan for the year 2014.
Service cost $ 210,000
Contribution to the plan 263,000
Prior service cost amortization 35,000
Actual and expected return on plan assets 123,000
Benefits paid 220,000
Plan assets at January 1, 2014 1,440,000
Projected benefit obligation at January 1, 2014 1,800,000
Accumulated OCI (PSC) at January 1, 2014 325,000
Interest/discount (settlement) rate 9%
Compute the pension expense for the year 2014.
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