Electromagnetics Inc reported the following balances in its financial statements and disclosure notes on December 31, 2020

Plant Asset $560000

Projected Benefits Obligations 400,000

Electromagnetic Inc, the actuary, determined that the 2021 service cost is $76,000. Both the expected and the actual rate of return on plan assets is 10%. The interest(discount) rate is 4%. Electromagnetic Inc. contributed$136,000 to the pension fund at the end of 2021, and retirees were paid$60,000 from the plan asset. (enter your answers in thousands (I.e..10,000 as 10).)

Please answer the following questions.

1) what is the pension expense at the end of 2021?

2) What is the benefit obligation at the end of 2021?

3) what is the plan assets balance at the of 2021

4) What is the net pension asset or net pension liability at the end of 2021

5) Make a journal entry to record the

A) pension expenses

B) Funding of plan asset

C) Retirees benefit payment

Please Answer the questions below by entering the table below.

Req 1 to 4 Req 5

1) what is the pension expense at the end of 2021?

2) What is the benefit obligation at the end of 2021?

3) what is the plan assets balance at the of 2021?

4) What is the net pension asset or net pension liability at the end of 2021?

5) Make a journal entry to record the

A) pension expenses

B) Funding of plan asset

C) Retirees benefit payment

December 31, 2021

1) Pension expenses ______________

2) Projected benefit Obligation _______________

3) Plan Assets ______________

4) _______________________________________________

Make record for the above information in #5 A to C

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