Carli Company adopted a defined benefit pension plan on January 1, 2006, and funded the entire amount
Question:
Carli Company adopted a defined benefit pension plan on January 1, 2006, and funded the entire amount of its 2006 pension expense. The following information pertains to the pension plan for 2007 and 2008:
There are no other components of Carli Company's pension expense.
Required
1. Compute the amount of Carli Company's pension expense for 2007 and 2008.
2. Prepare the journal entries to record the pension expense for 2007 and2008
Transcribed Image Text:
2007 2008 Service cost Projected benefit obligation (1/1) Plan assets (1/1) $200,000 215,000 180,000 396,200 180,000 406,400 Company contribution (funded 12/3 212.000 220,000 Discount rate 990 990 Expected long-term (and actual) rate of return on plan assets 8% 8%
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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