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Please Prepare these 3 entries, thank you U.S.M.'s actuary determined that 2024 service cost is $68,000. Both the expected and actual rate of return on
Please Prepare these 3 entries, thank you
U.S.M.'s actuary determined that 2024 service cost is $68,000. Both the expected and actual rate of return on plan assets are 9%. The interest (discount) rate is 5\%. U.S.M. contributed $128,000 to the pension fund at the end of 2024 , and retirees were paid $52,000 from plan assets. Required: 1. What is the pension expense at the end of 2024 ? 2. What is the projected benefit obligation at the end of 2024 ? 3. What is the plan assets balance at the end of 2024 ? 4. What is the net pension asset or net pension liability at the end of 2024 ? 5. Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments. Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Journal entry worksheet Note: Enter debits betore creditsStep by Step Solution
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