Solution-Prepare the journal entry to record pension expense

Prepare the journal entry to record pension expense

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Reference no: EM131164243

The following information is available for the pension plan of Radcliffe Company for the year 2014.

Actual and expected return on plan assets $ 15,000

Actual and expected return on plan assets	$ 15,000
Benefits paid to retirees	40,000
Contributions (funding)	90,000
Interest/discount rate	10%
Prior service cost amortization	8,000
Projected benefit obligation, January 1, 2014	500,000
Service cost	60,000

Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM131164243

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Prepare the journal entry to record pension expense

Reference no: EM131164243

Reference no: EM131164243

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