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Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year. Projected benefit obligation Balance, January 1 Service
Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year. Projected benefit obligation Balance, January 1 Service cost Interest cost Benefits paid Balance, December 31 Plan assets Balance, January 1 Actual return on plan assets Contribution Benefits paid Balance, December 31 $146,000,000 23.000, 14,600,000 (10,000, cee) $173,600,000 $ 88,000,000 10,800.ee 21,600, (10,eee eee) $109,800,000 The expected long-term return on plan assets is 10%. There were no other relevant data for the year. Required: 1. Determine Burrito's pension expense for the year. 2. Prepare the journal entries to record the pension expense and funding for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine Burrito's pension expense for the year. (Enter your answers in millions rounded to 2 decimal places. Amounts to be deducted should be indicated with a minus sign.) Pension Expense (Sin millions) Pension expense Required 2 > 1. Determine Burrito's pension expense for the year 2. Prepare the journal entries to record the pension expense and funding for the vean Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the pension expense and funding for the year. (Enter your answers in millions rounded to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the pension expense for the year. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal
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