Exercise 20-1

The following information is available for the pension plan of Kingbird Company for the year 2017.

Actual and expected return on plan assets		$ 13,800
Benefits paid to retirees		38,400
Contributions (funding)		79,900
Interest/discount rate		10	%
Prior service cost amortization		7,800
Projected benefit obligation, January 1, 2017		452,000
Service cost		54,700

Compute pension expense for the year 2017.

Pension expense for 2017

$

Show List of Accounts

Prepare the journal entry to record pension expense and the employers contribution to the pension plan in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

Exercise 20-1

The following information is available for the pension plan of Kingbird Company for the year 2017.

Actual and expected return on plan assets		$ 13,800
Benefits paid to retirees		38,400
Contributions (funding)		79,900
Interest/discount rate		10	%
Prior service cost amortization		7,800
Projected benefit obligation, January 1, 2017		452,000
Service cost		54,700

Compute pension expense for the year 2017.

Pension expense for 2017

$

Show List of Accounts

Prepare the journal entry to record pension expense and the employers contribution to the pension plan in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit