Prepare the journal required journal entry

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Reference no: EM131326781

Intermediate Accounting

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

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, 2014

500,000

Service cost

60,000

Instructions

(a) Construct a new pension worksheet to submit in Excel or Word format, using the sample worksheet below. Complete sheet.

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

(a)

1872_Pension Worksheet.jpg

(b) Prepare the journal required journal entry.

Reference no: EM131326781

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