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What is the net pension asset or net pension liability

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Reference no: EM132716902

Electromagnetics Inc, reported the following balances in its financial statements and disclosure notes at December 30,2020

Plant Asset $560000
Projected Benefits Obligations 400,000

Electromagnetic Inc, actuary determined that 2021 service cost is $76,000. Both the expected and the actual rate of return on plant assets are 10%. The interest(discount) rate is 4%. Electromagnetic Inc. contributed$136,000 to the pension fund at the end of 2021, and retirees were paid$60,000 from the plan asset.(enter your answers in thousands (I.e..10,000 as 10).)

Question 1) what is the pension expense at the end of 2021?

Question 2) What is the benefit obligation at the end of 2021?

Question 3) what is the plan assets balance at the of 2021

Question 4) What is the net pension asset or net pension liability at the end of 2021

Question 5) Make journal entre to record the

A) pension expenses
B) Funding of plan asset
C) Retirees benefit payment

Reference no: EM132716902

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