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Compute pension expense

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Reference no: EM133090377

Question - Assume the following pension data for year 2019:

Service cost $105,000

Contribution $90,000

Actual return $70,000

Benefits $40,000

Plan assets 1/1/19 $700,000

PBO 1/1/19 $810,000

Interest rate 10%

Required -

A. Compute pension expense, PBO 12/31/19 and PA 12/31/19.

B. Prepare separate journal entries for

1. Pension expense

2. Cash contribution

3. Benefits paid

Reference no: EM133090377

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