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Prepare the journal entries to record the contributions

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Question - On January 1, 2019, Hulk Ltd. reported the following balances relating to their defined benefit pension plan:

Defined benefit obligation $1,600,000

Fair value of plan assets 1,600,000

Other data related to the pension plan for calendar 2019 are:

Current service cost 80,000

Contributions to the plan 120,000

Benefits paid 100,000

Actual return on plan assets 96,000

Interest (discount) rate 10%

Instructions -

a. Calculate pension expense for 2019.

b. Prepare the journal entries to record the pension expense and the contributions for 2019.

Reference no: EM132504786

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