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Compute pension expense for the year 2012 prepare the

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Reference no: EM13594706

The following information is available for the pension plan of Radcliffe Company for the year 2012.

  • Actual and expected return on plan assets $15,000
  • Benefits paid to retirees $40,000
  • contributions (funding) $90,000
  • interest/discount rates 10%
  • prior service cost amortization $8,000
  • projected benefit obligation, Jan 1, 2012 $500,000
  • Service cost $60,000

Instructions
a) compute pension expense for the year 2012
b) prepare the journal entries to record pension expense and the employer's contribution to the pension plan in 2012

Reference no: EM13594706

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