Hudson Company’s actuary has provided the following information concerning the company’s defined benefit pension plan at the end of 2013:
|Fair value of plan assets (1/1/2013)||$350,000|
|Actual projected benefit obligation (1/1/2013)||360,000|
|Expected projected benefit obligation (1/1/2013)||424,000|
|Average remaining service life of employees||10 years|
The difference between the actual and expected projected benefit obligation first occurred in 2012.