The following information is available for the pension plan of Riverbed company for the year 2017...
The following information is available for the pension plan of Riverbed company for the year 2017
Actual and expected return on plan assets..........$13,800
Benefits paid to retirees..........$36,000
Contributions (funding)..........$88,000
Interest/discount rate..........11%
Prior service cost amortization..........$7,900
Projected benefit obligation, January 1, 2017..........$502,000
Service cost..........$59,000
A. Compute pension expense for the year 2017 (show work): $__________
B. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017 (using table above)
Pension expense..........__________
Cash..........__________
Pension asset/liab..........__________
OCI (PSC)..........___________
Homework Answers
ANSWER
A
| Service Cost | 59,000 |
| Interest Cost 502,000*11% | 55,220 |
| Actual Return on Plan assets | -13,800 |
| Unrecognized prior service cost amortization | 7,900 |
| Pension Expense for 2017 | 108,320 |
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