The projected benefit obligation and plan assets were $200 million and $280 million, respectively, at the beginning of the year. Due primarily to favorable stock market performance in recent years, there also was a net gain of $74 million. On average, employees' remaining service life with the company is 10 years. As a result of the net gain, what was the increase or decrease in pension expense for the year? Note: Amounts to be deducted should be indicated with a minus sign. Enter your answer in millions (i.e., 10,000,000 should be entered as 10). Net gain Corridor amount Excess, if any Service period (years) ($ in millions)

The projected benefit obligation and plan assets were $200 million and $280 million, respectively, at the beginning of the year. Due primarily to favorable stock market performance in recent years, there also was a net gain of $74 million. On average, employees' remaining service life with the company is 10 years. As a result of the net gain, what was the increase or decrease in pension expense for the year? Note: Amounts to be deducted should be indicated with a minus sign. Enter your answer in millions (i.e., 10,000,000 should be entered as 10). Net gain Corridor amount Excess, if any Service period (years) ($ in millions)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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