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Prepare the journal entries to record pension expense

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Question - Pension data for Sam Adams Inc. include the following for the current calendar year:

Discount rate, 8%

Expected return on plan assets, 10%

Actual return on plan assets, 9%

Service cost, $430,000

January 1: PBO$3,030,000 ABO 2,030,000 Plan assets 3,230,000 Amortization of prior service cost 33,000 Amortization of net gain 7,300 December 31: Cash contributions to pension fund$278,000 Benefit payments to retirees 313,000

Required -

1. Determine pension expense for the year.

2. Prepare the journal entries to record pension expense and funding for the year.

Reference no: EM132514767

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