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Prepare the journal entry to record pension expense

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Reference no: EM132734915

Question - The following information is available for the pension plan of Flounder Company for the year 2020.

Actual and expected return on plan assets $14,100

Benefits paid to retirees 41,400

Contributions (funding) 90,300

Interest/discount rate 10%

Prior service cost amortization 8,000

Projected benefit obligation, January 1, 2020 523,000

Service cost 54,600

Required -

(a) Compute pension expense for the year 2020.

(b) Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020.

Reference no: EM132734915

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