Cummings Inc had the following reconciliation at December 31 2017 Fair

Cummings Inc. had the following reconciliation at December 31, 2017:

Fair value of plan assets…………………..$5,000

PBO………………………………………..4,200

Funded status………………………………$ 800

AOCI-prior service cost………………….$ 300

AOCI-net actuarial loss…………………….700

Total pension AOCI loss…………………$1,000

The following assumptions are being used for the pension plan in 2018:

Discount rate………………………………………………………5%

Expected rate of return on plan assets…………………………….8%

Average remaining work life…………………………………10 years

Remaining amortization period for prior service costs………..6 years

Additional 2018 Information:

Service cost…………………………………………$442

Cash contributed to the plan (year-end)……………..250

Pension benefits paid by the plan (year-end)………..465

Actual return on plan assets…………………………673

New actuarial loss on the PBO……………………….64

Required:

1. Compute pension expense for 2018.

2. Compute the fair value of plan assets at December 31, 2018.

3. Compute the PBO at December 31, 2018.

4. Compute AOCI-net actuarial loss as of December 31, 2018.

Cummings Inc had the following reconciliation at December 31 2017 Fair