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1. Pension practice problem: Bickner Co. has provided the following information about its defined benefit plan for the year 2010. Record all relevant journal entries
1. Pension practice problem: Bickner Co. has provided the following information about its defined benefit plan for the year 2010. Record all relevant journal entries for the year 2010 and identify the funded status of the pension as of December 31, 2010. Service Cost 90,000 Contributions to the plan Actual and expected return on plan assets Benefits paid 105,000 64,000 40,000 Interest rate 10% Begin. Balance in Plan Assets as of Jan 1, 2010 Begin. Balance in Projected Benefit Obligation as of Jan 1, 2010 Begin. Balance in AOCI (net unrealized loss) as of Jan 1, 2010 Avg Remaining Years of Service of Active Employees 640,000 700,000 150,000 Dr. 8 yrs
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