Herro, Inc. has a defined benefit pension plan. At January 1, 2022, the value of the plan assets is $6,408,000.

During 2022:

Employer contributions are $668,000.

$576,800 of benefits are paid.

Expected returns on plan assets are $549,400 and actual returns on plan assets are $624,000.

Pension expense is $1,318,000.

What is the value of plan assets at December 31, 2022?

Question

Herro, Inc. has a defined benefit pension plan. At January 1, 2022, the value of the plan assets is $6,408,000.

During 2022:

Employer contributions are $668,000.
$576,800 of benefits are paid.
Expected returns on plan assets are $549,400 and actual returns on plan assets are $624,000.
Pension expense is $1,318,000.

What is the value of plan assets at December 31, 2022?

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