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Calculate pension expense for the year

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Question - The following facts apply to the pension plan of Cullumber Inc. for the year 2020. Cullumber applies ASPE.

Plan assets, January 1, 2020 $514,000

Defined benefit obligation, funding basis, January 1, 2020 412,000

Defined benefit obligation, accounting basis, January 1, 2020 514,000

Discount/interest rate 8.50%

Annual pension service cost 40,600

Contributions 31,000

Actual return on plan assets 52,040

Benefits paid to retirees 33,800

Calculate pension expense for the year 2020, and provide the entries to recognize the expense and contributions for the year assuming that Cullumber has chosen the funding measure of its defined benefit obligation as its accounting policy choice.

Reference no: EM132877569

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