Chen Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2015, the following balances related to this plan (amounts in thousands).

As a result of the operation of the plan during 2015, the actuary provided the following additional data at December 31, 2015.

Instructions

(a) Compute pension expense for Chen Corp. for the year 2015 by preparing a pension worksheet that shows the journal entry for pension expense.

(b) Indicate the pension amounts reported in the financial statements.

Transcribed Image Text:

Plan assets (market-related value) Defined benefit obligation Pension asset/liability OCI-Loss 270,000 340,000 70,000 Cr. 39,000