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A county reports its defined benefit pensions for employees of governmental and proprietary funds on the government-wide financial statements. Here is information for fiscal 2021.
•The total pension liability, measured at the end of fiscal 2021, is $100,000,000, while the total pension liability, measured at the end of fiscal 2020, is $85,000,000.
•The net increase in deferred outflows related to pensions was $2,000,000, while deferred outflows released to pension expense were $300,000.
•The net increase in deferred inflows related to pensions was $150,000, while deferred inflows released to pension expense were $20,000.
•The county transferred $5,000,000 in cash to the pension trust fund.
-Pension expense reported in the fiscal 2021 government-wide statement of activities is

Question

Quizplus · Accepted Answer

The pension expense is calculated as the change in total pension liability ($100,000,000 - $85,000,000 = $15,000,000) plus the net increase in deferred outflows ($2,000,000) minus the deferred outflows released ($300,000) plus the deferred inflows released ($20,000) minus the net increase in deferred inflows ($150,000) minus the cash transferred to the pension trust fund ($5,000,000). This results in a pension expense of $23,150,000.

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