Reference no: EM132910977
Question - Fountain Limited sponsors a defined-benefit pension plan for its employees.
On January 1, 2020 the following balances related to this plan
Plan Assets at fair value- 450,000
Defined Benefit Obligation- 600,000
As a result of the operations of the plan during 2020, the actuary provided the following additional data at December 31, 2020.
Service Cost for 2020 - 75,000
Actual return on plan assets in 2020 - 45,000
Past service cost, effective Jan 01 2020 - 120,000
Contributions in 2020 - 115,000
Benefits paid to retirees in 2020 - 70,000
Discount Rate - 8 %
Average remaining service life of active employees - 35 years
Required -
a. Show Computation of pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet.
b. Prepare the journal entries relating to pension for the year 2020.
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