Reference no: EM13128527
Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year:
Projected benefit obligation
Balance, January 1 $150,000,000
Service cost 25,000,000
Internet cost 15,000,000
Benefit paid (12,000,000)
Balance, December 31 $178,000,000
Plan assets
Balance, January 1 $90,000,000
Actual return on plan assets 11,000,000
Contribution 23,000,000
Benefit paid (12,000,000)
Balance, December 31 $112,000,000
The expected long-term return on plan assets is 10%. There were no other relevant data for the year.
Required:
1) Determine Burrito's pension expense for the year.
2) Prepare the journal entries to record the pension expense and funding for the year.
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