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What is the employee benefit expense

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Question - At the beginning of current year, The Company reported the fair value of plan assets at $7,800,000 and projected benefit obligation at $10,400,000. During the year, the entity made a lump sump payment to certain plan participants in exchange for their rights to receive specific post employment benefits. The lump sum payment was $1,040,000 and the present value of the defined benefit obligation settled was $1,300,000. During the year, the entity reported current service cost $1,170,000, actual return on plan assets $1,040,000, contribution to the plan $910,000 and discount rate 12%. What is the employee benefit expense?

Reference no: EM132974348

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