Reference no: EM132609417
The table below outlines details relevant to Aikman Inc.'s defined benefit pension plan:
PBO:
Balance, Jan. 1$248,000
Service cost 49,000 Interest cost (5% discount rate) 12,400
Gain from changes in actuarial assumptions in 2021 (5,800)
Benefits paid to retirees (28,000)
Balance, Dec. 31$275,600
Plan assets:
Balance, Jan.1 $258,000
Actual return (expected return was $23,300) 20,000
Contributions 43,000 Benefits paid (28,000)
Balance, Dec. 31$293,000
ABO, Dec. 31$253,800
January 1, 2021, balances:
Prior service cost-AOCI (amortization $4,680/yr.) 4,680
Net gain-AOCI (amortization, if any, over 15 years) 46,800
Required:
Question 1. Determine pension expense for 2021.
Question 2. Prepare the 2021 journal entries to record pension expense and funding.
Question 3. Prepare any journal entries to record any 2021 gains or losses.
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