Case Study Part B

SuperSports provides you the following pension data for the year 2016.

Item
Service Cost, 2016	$248,000
Projected Benefit Obligation, January 2016	$340,000
Plan assets (fair value), Januray 1, 2016	$360,000
Prior Service Cost - AOCI (2016 amoritization, $25,000)	$250,000
Net Loss - AOCI (2016 amoritization, $10,000)	$110,000
Actual Return on Plan Assets	$45,000
Interest rate and expected return on plan assets	10%
Contributions made to plan assets during 2016	$175,000

SuperSports requests you to:

1. Compute pension expense for the year 2016
2. Record 2016 journal entry for pension expense