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Compute pension expense for the year

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Reference no: EM131576531

Question - SuperSports provides you the following pension data for the year 2016.

Item

Service Cost, 2016

$248,000

Projected Benefit Obligation, January 2016

$340,000

Plan assets (fair value), Januray 1, 2016

$360,000

Prior Service Cost - AOCI (2016 amoritization, $25,000)

$250,000

Net Loss - AOCI (2016 amoritization, $10,000)

$110,000

Actual Return on Plan Assets

$45,000

Interest rate and expected return on plan assets

10%

Contributions made to plan assets during 2016

$175,000

SuperSports requests you to:

1. Compute pension expense for the year 2016.

2. Record 2016 journal entry for pension expense.

Reference no: EM131576531

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