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Problem: Pension Service Cost Calculation Pension data for Thompson Industries include the following: ...

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Accounting

Problem: Pension Service Cost Calculation
Pension data for Thompson Industries include the following:
Discount rate: 9.75%
Projected benefit obligation, January 1: $250 million
Projected benefit obligation, December 31: $330 million
Accumulated benefit obligation, January 1: $180 million
Accumulated benefit obligation, December 31: $250 million
Cash contributions to pension fund, December 31: $410 million
Benefit payments to retirees, December 31: $290 million
Compute the service cost component of pension expense for the year ended December 31.
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