Koffee Corporation provides its employees with a defined benefit pension plan. As of January 1, the following
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Koffee Corporation provides its employees with a defined benefit pension plan. As of January 1, the following balances exist:
For the year ended December 31, the current service cost as determined by an appropriate actuarial cost method was $570,000. A negotiated curtailment of the pension plan resulted in a past service cost of $500,000 to Koffee’s benefit. A change in actuarial assumptions created a loss of $15,000. The expected return on plan assets was $408,000. However, the actual return is $395,000. Koffee paid $730,000 to the pension trustee in December of the prior year and made no further contributions.
Required:
Record the journal entries for the pension for the year.
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