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Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2014 and 2015.
2014
2015
Plan assets (fair value), December 31
$1,423,863
$1,729,413
Projected benefit obligation, January 1
1,425,900
1,629,600
Pension asset/liability, January 1
285,180
Cr.
?
Prior service cost, January 1
509,250
488,880
Service cost
122,220
183,330
Actual and expected return on plan assets
48,888
61,110
Amortization of prior service cost
20,370
24,444
Contributions (funding)
234,255
244,440
Accumulated benefit obligation, December 31
1,018,500
1,120,350
Interest/settlement rate
8
%
a. Compute pension expense for 2014 and 2015.
b. Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years.
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