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Excel (Pension Expense, Journal Entries) The following information is available for the pension plan of Radcliff e Company for the year 2020. Actual and expected

Excel (Pension Expense, Journal Entries) The following information is available for the pension plan of Radcliff e Company for the year 2020. Actual and expected return on plan assets $15,000 Benefits paid to retirees 40,000 Contributions (funding) 90,000 Interest/discount rate 10% Prior service cost amortization 8,000 Projected benefit obligation, January 1, 2020 500,000 Service cost 60,000

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a. Compute pension expense for the year 2020.

b. Prepare the journal entry to record pension expense and the employers contribution to the pension plan in 2020.

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