Prepare a journal entry to record pension expense

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Reference no: EM131708615

Question -

	12/31/14	12/31/15
Service Cost	200,000
Actual return in plan assets	105,000
Annual contribution to the plan	400,000
Benefits paid to retirees	24,000
Pension Asset/Liability credit 12/31/15	400,000	?
Projected benefit obligation	1,500,000	?
Plan asset	1,100,000	?
Unrecognized prior service cost	250,000	208,000
Unrecognized net gain or loss	0	?
Amortization of unrecognized PSC	42,000
Accumulated benefit obligation	1,340,000	1,700,000
Sehnert rate	10%
Expected rate of return on plan assets	8%

Compute 2015 pension expense?

Compute the 12/31/15 projected benefit obligation?

Compute the 12/31/16 plan assets?

Prepare a journal entry to record pension expense 12/31/15.

Amount to be reported as Pension Asset/Liability 12/31/15.

Compute the total balance in Accum. Other Compensation Income 12/31/15 an indicate how it affect 12/31/15 balance Sheet.

Reference no: EM131708615

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