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I need help with part B Prepare the journal entries to record the pension and the company's funding of the pension plan for both years.
I need help with part B
Prepare the journal entries to record the pension and the company's funding of the pension plan for both years. (please see the below images.
Buffalo Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. Your answer is correct. Compute pension expense for 2020 and 2021. Pension expense for 2020 $ Pension expense for 2021 $ Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (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.) Dec. 31, 2021
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