On January 1, 2021, Carla Vista Co. had the following balances:

Projected benefit obligation		$7,380,000
Fair value of plan assets		7,380,000

Other data related to the pension plan for 2021:

Service cost

313,000

Contributions to the plan

457,000

Benefits paid

448,000

Actual return on plan assets

466,000

Settlement rate

9%

Expected rate of return

6%

Calculate pension expense for 2021.

Pension expense

$

Click if you would like to Show Work for this question:

Open Show Work

Show List of Accounts

Show Solution

Link to Text

Attempts: 1 of 1 used

(d)

Prepare the journal entry to record pension expense and the contributions for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit