Recording pension expenditures

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Reference no: EM13122249

Record pension expenditures are not always influenced by actuarial computations.

Hayward City maintains a defined benenfit pension plan for its employees. In a recent year the city contributed $5million to its pension fund. However, its annual pension cost as calculated by its actuary was $7million. The city accounts for the pension contributions in a governmental fund.

1. Record the Pension expenditure in the appropriate fund.

2. Suppose in the following year the city contributed $6 million to its pension find, but its annual cost per actuary is only $5million. Prepare the appropriate journal entries.

Reference no: EM13122249

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