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Computing pension expense for the year

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Reference no: EM132463306

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 assets10%Contributions made to plan assets during 2016 $175,000

SuperSports requests you to:

Question 1: Computing pension expense for the year 2016

Question 2: Recording 2016 journal entry for pension expense

Reference no: EM132463306

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