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Write a journal entry to record pension expense

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Question - On January 1st, 2018 United Company provides the following information related to its pension plan for the year ending December, 31, 2018.

Plan assets, 1/1/2018 - 200,000

Annual service cost - 60,000

Settlement rate - 10%

Projected benefit obligation, 1/1/2018 - 200,000

Funding contributions during 2018 - 40,000

Benefits paid to retirees during 2018 - 30,000

Plan assets, 12/31/2018 - 250,000

Required - Write a journal entry on 12/31/2018 to record pension expense for 2018?

Reference no: EM132536776

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