The Marino Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 2018:The service cost was $950,000 during 2018 and $1,045,000 during 2019.
The prior service cost amortization each year was $290,000.
The contribution to the pension plan was $1,500,000 on December 31, 2018 and $1,800,000 on December 31, 2019.
The actuarially determined discount rate and the expected return on plan assets was 10%.
The actual return on plan assets was 9.5%.
Retirement benefits pertaining to years of service prior to 2018 were granted to the employees. The prior service cost is being amortized over the remaining ten-year life of the employees.
What is the pension expense for the year ended December 31, 2018?
A. $1,380,000
B. $950,000
C. $1,240,000
D. $1,530,000
Answer: D
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