[sokrgalaxy7]

Assets and obligation - December 31, 2014Plan assets (at fair value) $400,000Accumulated benefit obligation 740,000Projected benefit obligation 800,000Other ItemsPension asset/liability, January 1, 2014 20,000Contributions (made throughout 2014) 240,000Accumulated other comprehensive loss, Dec. 31, 2014 335,800No actuarial gains or losses at January 1, 2014. The average remaining service life of employees is 10 years.What is the pension expense?I've come up with one possible solution (which I know is wrong) and an incomplete part of work where I get stuck:My guess/solution was that the pension expense is 240,000 only because that was the contribution made throughout the year. My incomplete work begins with the beginning plan assets being $160,000 which I got from the ending fair value being $400,000 minus the $240,000 of contributions. My professor also told me from there that the beginning projected benefit obligation is $180,000 which is the beginning plan assets plus the $20,000 of pension liability at the beginning of the year.I know that the answer is $304,200. I haven't figured out a way to get there. I also want to understand the theory and the process behind the answer. Any help would be very much appreciated. Thank you in advance.