Prepare the journal entry to record pension expense

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The following information is available for the pension plan of Radcliffe Company for the year 2014.

Actual and expected return on plan assets $ 18,630

Benefits paid to retirees 41,410

Contributions (funding) 90,190

Interest/discount rate 11 %

Prior service cost amortization 9,090

Projected benefit obligation, January 1, 2014 553,300

Service cost 68,120

a. Compute pension expense for the year 2014.

b. Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2014.

Reference no: EM131292740

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