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Compute the actual return on plan assets

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Reference no: EM133069459

Question - The following information relates to the pension plan for employees of Rye Co.:

 

12/31/17

12/31/18

Projected benefit obligation

2,490,000

3,335,000

Fair value of plan assets

2,600,000

2,870,000

Rye's contribution was $335,000 in 2018 and benefits paid were $215,000.

Required -

1. Compute the actual return on plan assets in 2018. Show computation.

2. Prepare Journal entries for a) Rye's contribution and b) benefits paid to retirees.

Reference no: EM133069459

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