Reference no: EM132891363
Problem - Pension Expense and Liability On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its defined benefit pension plan:
Service cost $105,000
Interest cost on projected benefit obligation 12,000
Expected return on plan assets 11,000
Amortization of prior service cost 2,000
On its December 31, 2018, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $14,000.
Required -
1. Compute the amount of Robey's pension expense for 2019.
2. Prepare all the journal entries related to Robey's pension plan for 2019 if it funds the pension plan in the amount of (a) $108,000, (b) $107,000, (c) $112,000.
3. Assuming Robey's beginning 2019 Accumulated Other Comprehensive Income: Prior Service Cost balance was $60,000 what would be its ending balance?
4. How much would Robey need to fund its pension plan for 2019 in order to report an accrued/prepaid pension cost asset of $5,000 at the end of 2019?