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Calculate the remeasurement gain-loss

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Reference no: EM132958349

Question - You are the assistant controller at Hillside Co. and have gathered the following information related to the company's pension plan for the year 2021:

Plan assets, January 1, 2021 $656,000

Defined benefit obligation, January 1, 2021, $520,000

Discount rate on pension obligation and expected rate of return on plan assets 7.2%

Current service for the year $ 60,000

Benefits paid to retirees - paid evenly over the year $53,600

Contributions to plan assets - made in two equal installments June 30 and December 31 $ 50,000

Plan assets, December 31, 2021 $715,300

Defined benefit obligation, December 31, 2021, $708,150

REQUIRED -

1. Calculate the pension expense for the year.

2. Calculate the remeasurement gain/loss on the defined benefit obligation and on the plan assets. Specifically, state whether it is a gain or loss.

Reference no: EM132958349

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