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help asp Sebastian Corp's actuary determined that the 2021 service cost if $60,000. Both the expected and actual rate of return on plan assets are
help asp Sebastian Corp's actuary determined that the 2021 service cost if $60,000. Both the expected and actual rate of return on plan assets are 9%. The discount rate is 5%. Sebastian contributed $120,000 to the pension fund at the end of 2021, and retirees were paid $44,000 from plan assets. Additional information to note: Beginning PBO and Beginning Plan Assets were $320,000 & 400,000 respectively. Required: Prepare the appropriate journal entries to record the 2021: 1. pension expense 2. funding of the plan assets 3. retiree benefit payments *You must provide entries for all three items to receive full credit
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