Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2012 and 2013. 2012 2013 Plan assets (fair value),
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2012 and 2013.
2012
2013
Plan assets (fair value), December 31 $810,141 $983,991
Projected benefit obligation, January 1 811,300 927,200
Pension asset/liability, January 1 162,260 Cr. ?
Prior service cost, January 1 289,750 278,160
Service cost 69,540 104,310
Actual and expected return on plan assets 27,816 34,770
Amortization of prior service cost 11,590 13,908
Contributions (funding) 133,285 139,080
Accumulated benefit obligation, December 31 579,500 637,450
Interest/settlement rate 9 % 9 %
(a)
Compute pension expense for 2012 and 2013.
Pension expense for 2012
$
Pension expense for 2013
$
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2012 and 2013.
2012
2013
Plan assets (fair value), December 31 $810,141 $983,991
Projected benefit obligation, January 1 811,300 927,200
Pension asset/liability, January 1 162,260 Cr. ?
Prior service cost, January 1 289,750 278,160
Service cost 69,540 104,310
Actual and expected return on plan assets 27,816 34,770
Amortization of prior service cost 11,590 13,908
Contributions (funding) 133,285 139,080
Accumulated benefit obligation, December 31 579,500 637,450
Interest/settlement rate 9 % 9 %
(a)
Compute pension expense for 2012 and 2013.
Pension expense for 2012
$
Pension expense for 2013
$
