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Prepare journal entry to record employer contribution

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Reference no: EM132449620

Problem - The following information is available for the pension plan of Riverbed Company for the year 2017.

Actual and expected return on plan assets

$15,800

Benefits paid to retirees

39,500

Contributions (funding)

88,700

Interest/discount rate

11%

Prior service cost amortization

7,600

Projected benefit obligation, January 1, 2017

548,000

Service cost

60,000

Required -

Compute pension expense for the year 2017.

Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017.

Reference no: EM132449620

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