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Prepare the journal entries to record the pension expense

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

Discount rate, 6%

Expected return on plan assets, 8%

Actual return on plan assets, 7%

Service cost, $390,000

January 1:

PBO $2,990,000

ABO 1,990,000

Plan assets 3,190,000

Amortization of prior service cost 29,000

Amortization of net gain 6,900

December 31:

Cash contributions to pension fund $ 274,000

Benefit payments to retirees 309,000

Required -

1. Determine pension expense for the year.

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

Reference no: EM133157952

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