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Compute pension expense for Howard Corp

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Reference no: EM132909275

Question - 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 -

a. Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet.

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

Reference no: EM132909275

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