Bidell Builders, a U.S. GAAP reporter, reported $ 500,000 of pension cost for the current year. In

Question:

Bidell Builders, a U.S. reporter, reported $ 500,000 of pension cost for the current year. In making this computation, Bidell informs you that the actual return on plan asset in excess of expected returns in the current year is a $ 231,000 net gain. In addition, the amortization of prior service costs for unvested employees at the end of the year is $ 79,000. Bidell contributed $ 100,000 into the plan during the current year. Prepare the journal entry to record the pension cost for the current year. GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...