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Create journal entry on to record pension expense

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Reference no: EM132518724

On January 1st, 2018 United Company provides the following information related to its pension plan for the year ending December, 31, 2018

Plan assets, 1/1/2018 ........................................................... 200,000

Annual service cost ............................................................... 60,000

Settlement rate ..................................................................... 10%

Projected benefit obligation, 1/1/2018 ........................................ 200,000

Funding contributions during 2018 .............................................. 40,000

Benefits paid to retirees during 2018 ........................................... 30,000

Plan assets, 12/31/2018 ........................................................... 250,000

Question 1: Prepare journal entry on 12/31/2018 to record pension expense for 2018

Reference no: EM132518724

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