Reference no: EM132891379

Problem - Pension Expense and Liability Pitchford Company adopted a defined benefit pension plan on January 1, 2019, at which time it awarded retroactive benefits to its employees. The following information is available in regard to this plan:

Prior service cost on 1/1/19 related to retroactive benefits: $300,000 (not funded)

Planned amortization of prior service cost $ 25,000 per year

Pension expense for 2019 ($95,000 funded) $105,000*

Fair value of plan assets, end of 2019 $ 95,000

Projected benefit obligation, end of 2019 $380,000

*Includes amortization of prior service cost

Required - Prepare all the journal entries related to Pitchford's pension plan for 2019. Include a brief explanation for each journal entry.