ABC Corporation has the following information available conc…
ABC Corporation has the following information available concerning its defined-benefit pension plan for 2025. Service cost $40,000 Prior service cost in 2025 due to plan changes 100,000 Annual contributions to plan 50,000 Amortization of prior service cost – OCI 35,000 Interest cost 47,400 Actual return on plan assets 25,000 Expected return on plan assets 26,900 Amortization of asset gains and losses – OCI 5,000 Actuarial loss in 2025 due to changes in assumptions 50,000 Benefits paid to retirees 100,000 Required: Compute ABC’s 2025 pension expense.