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Prepare the journal entry to record pension expense

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Question - The following information is available for the pension plan of Waterway Company for the year 2020.

Actual and expected return on plan assets $14,700

Benefits paid to retirees 40,800

Contributions (funding) 81,100

Interest/discount rate 10 %

Prior service cost amortization 7,600

Projected benefit obligation, January 1, 2020 458,000

Service cost 63,900

Required -

(a) Compute pension expense for the year 2020.

(b) Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020.

Reference no: EM133185178

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