Determine abbott and abbotts pension expense for 2011

Reference no: EM13394047

Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2011, Abbott and Abbott received the following information:

($ in the millions)

Projected Benefit Organization

Balance, January 1 $120

Service Cost 20

Interest Cost 12

Benefits paid (9)

Balance, December 31 $143

Plan Assets

Balance, January 1 $ 80

Actual return on plan assets 9

Contribution 2011 20

Benefits paid (9)

Balance, December 31 $100

The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss- AOCI on January 1, 2011.

Required:

1. Determine Abbott and Abbott's pension expense for 2011.

2. Prepare the journal entries record Abbott and Abbott's pension, funding, and payments for 2011.

Reference no: EM13394047

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