Business, 16.01.2020 04:31 mclendenen8011

The following information pertains to green industries' defined benefit pension plan. green industries uses u. s. gaap. discount rate8.5%expected rate of return10%average service life10 yearsat january 1, year 1projected benefit obligation600,000fair value of pension plan assets620,000unrecognized prior service costs240,000unrecognized net gain96,000at december 31, year 1projected benefit obligation950,000
fair value of pension plan assets720,000for the year ended december 31, year 1service costs90,000contributions made110,000benefits paid72,000green industries uses the straight-line method of amortization over the maximum period permitted. the company has an effective tax rate of 30%.

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