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What is the pension expense for the year 2020

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Reference no: EM132419911

The following facts apply to the pension plan of Blue Inc. for the year 2020.

Plan assets, January 1, 2020 $505,500

Projected benefit obligation, January 1, 2020 505,500

Settlement rate 8%

Service cost 38,400

Contributions (funding) 26,100

Actual and expected return on plan assets 47,600

Benefits paid to retirees 33,700

Using the preceding data, what is the pension expense for the year 2020? As part of your solution, what should be on a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts? (Enter all amounts as positive.)

Reference no: EM132419911

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