Solution-Prepare the journal entries to record the pension

Prepare the journal entries to record the pension expense

Reference no: EM132672771

Question - Baron Company adopted a defined benefit pension plan on January 1, 2015. The following information pertains to the pension plan for 2016 and 2017:

	2016	2017
Service cost	$150,000	$160,000
Projected benefit obligation (1/1)	112,500	269,250
Plan assets (1/1)	112,500	273,750
Company contribution (funded 12/31)	154,500	170,000
Discount rate	6%	6%
Expected long-term (and actual) rate of return on plan assets	6%	6%

There are no other components of Baron's pension expense.

Required -

1. Compute the amount of Baron's pension expense for 2016 and 2017.

2. Prepare the journal entries to record the pension expense for 2016 and 2017.

Reference no: EM132672771

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Prepare the journal entries to record the pension expense

Reference no: EM132672771

Reference no: EM132672771

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