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Show computation of pension expense for howard corp

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Reference no: EM132830643

Fountain Limited sponsors a defined-benefit pension plan for its employees. On January 1,2020 the following balances related to this plan

Plan Assets at fair value- 450,000
Defined Benefit Obligation- 600,000

As a result of the operations of the plan during 2020, the actuary provided the following additional data at December 31,2020.

Service Cost for 2020- 75,000
Actual return on plan assets in 2020- 45,000
Past service cost, effective Jan 01 2020- 120,000
Contributions in 2020- 115,000
Benefits paid to retirees in 2020-70,000
Discount Rate- 8 %
Average remaining service life of active employees -35 years

Required:

Problem a. Show Computation of pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet.

Problem b. Prepare the journal entries relating to pension for the year 2020.

Reference no: EM132830643

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