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Create the journal entry to record pension expense

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Reference no: EM132523581

Windsor Company provides the following selected information related to its defined benefit pension plan for 2020.

Pension asset/liability (January 1)                         $24,000 Cr.

Accumulated benefit obligation (December 31)        398,100

Actual and expected return on plan assets                9,700

Contributions (funding) in 2020                             148,900

Fair value of plan assets (December 31)                792,000

Settlement rate                                                  10 %

Projected benefit obligation (January 1)              695,000

Service cost                                                    79,200

Question 1: Compute pension expense.

Pension expense for 2020:

Question 2: Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $37,600.

Question 3: Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020.

Reference no: EM132523581

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