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Prepare the journal entry to record pension expense

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Reference no: EM131786680

Question - The following information is available for the pension plan of Brady Company for the year 2010.

Actual and expected return on plan assets $15,000

Benefits paid to retirees 40,000

Contributions (funding) 90,000

Interest/discount rate 10%

Prior service cost amortization 8,000

Projected benefit obligation, January 1, 2010 500,000

Service cost 60,000

(a) Compute pension expense for the year 2010.

(b) Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010.

Reference no: EM131786680

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