Question

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available for 2014 and 2015. 2015 $2,069,013 Plan assets (fair value), December 31 Projected benefit obligation, January 2014 $1,703,463 1,705,900 341,180 Cr. 609,250 146,220 1,949,600 584,880 219,330 Pension asset/liability, January 1 Prior service cost, January 1 Service cost Actual and expected return on plan assets Amortization of prior service cost Contributions (Funding) Accumulated benefit obligation, December 31 Interest/settlement rate 58,488 24,370 280,255 1,218,500 73,110 29.244 292.440 1,340.350 (a) Your answer is correct. Compute pension expense for 2014 and 2015 Pension expense for 2014 248574 Pension expense for 2015 Click if you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 2 of 10 used (b) Your answer is partially correct. Try again Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) De Dec 31, 2016 hension Asset/b 1 5 53762 T 2485741 Other Comprehensive I 24370 9 Cash 280255 497711 Dec 31, 2015 Pension Expens 1 Cash 29240

Answer 1

Date	Account titles and explanation	Debit	Credit
Dec. 31, 2014	Pension asset/ liability (1705900*8%)-58488	77984
	Pension expense	248574
	Other comprehensive income (PSC)		24370
	Cash		280255
	Other comprehensive income (gain/loss)		21933

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