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Problem - Silver Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2007 and 2008.
2007
2008
Plan assets (fair value), December 31
$699,000
$849,000
Projected benefit obligation, January 1
700,000
800,000
Pension asset/liability, January 1
(140,000)
?
Prior service cost, January 1
250,000
240,000
Service cost
60,000
90,000
Actual and expected return on plan assets
24,000
30,000
Amortization of prior service cost
10,000
12,000
Contributions (funding)
115,000
120,000
Accumulated benefit obligation, December 31
500,000
550,000
Interest/settlement rate
9%
Instructions:
(a) Compute pension expense for 2010 and 2011.
(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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