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Prepare the journal entry to reflect the accounting

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Reference no: EM13339166

The accountant for Kings Corporation has developed the following information for the company's defined-benefit pension plan for 2013:

         Service cost                                                                                        $500,000

         Actual return on plan assets                                                                  240,000

         Annual contribution to the plan                                                              900,000

         Benefits paid to retirees                                                                        60,000

         Settlement rate                                                                                      10%

The accumulated, vested and projected benefit obligation at December 31, 2012, amounted to $2,500,000, $3,250,000, and $3,500,000 .

Instructions

(a) Using the above information for Kings Corporation, complete the pension work sheet for 2013. Indicate (credit) entries by parentheses. Calculated amounts should be supported.

(b) Prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2013.

Reference no: EM13339166

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