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Prepare the december journal entry to record pension expense

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Reference no: EM131699621

Question - The following information is provided regarding a company's pension plan:

Service Cost $640,000

Projected benefit obligation, Jan 1 4,500,000

Fair Value plan assets, Jan 1 3,750,000

Amortization of unrecognized prior service cost for the year 250,000

Interest cost 8%

Employer contribution to fund 845,000

expected (and actual) return on plan assets 10%

Required: Prepare the Dec. 31 journal entry to record pension expense.

Reference no: EM131699621

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