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Record the journal entries for the pension for the year

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Reference no: EM132923322

Question - Carmichael Corporation has had a defined benefit pension plan for three decades. Pension plan assets were $84,000,000 while pension obligations were $76,000,000 at the beginning of the year.

For the current year, Carmichael's pension plan incurred current service cost of $6,400,000 and interest of $8,200,000.

The pension's assets earned $9,000,000, which is $400,000 above expectations.

There were no actuarial gains or losses for the year.

Required -

1. Calculate Pension Expense.

2. Calculate OCI.

3. Record the journal entries for the pension for the year.

Reference no: EM132923322

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