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Determine the service cost component of pension expense

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Reference no: EM131787462

Question: Pension data for Millington Enterprises include the following:

($ in millions)

Discount rate, 10%

Projected benefit obligation, January 1

$360

Projected benefit obligation, December 31

465

Accumulated benefit obligation, January 1

300

Accumulated benefit obligation, December 31

415

Cash contributions to pension fund, December 31

150

Benefit payments to retirees, December 31

54

Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.

Reference no: EM131787462

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