Ferreri Company received the following selected information from its pension plan 2


$ 5.00
Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2014.

January 1, 2014 December 31, 2014
Projected benefit obligation $1,487,300 $1,521,200
Market-related and fair value of plan assets 854,600 1,243,260
Accumulated benefit obligation 1,666,000 1,801,210
Accumulated OCI (G/L)—Net gain 0 (198,730 )
The service cost component of pension expense for employee services rendered in the current year amounted to $83,900 and the amortization of prior service cost was $135,210. The company’s actual funding (contributions) of the plan in 2014 amounted to $303,200. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,352,100 on January 1, 2014. Assume no benefits paid in 2014.

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