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Prepare the journal entries to record the pension expense and the companys funding of the pension plan for both years. Pina Company sponsors a defined
Prepare the journal entries to record the pension expense and the companys funding of the pension plan for both years.
Pina Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 $852,780 854,000 170,800 Cr. 305,000 73,200 2021 $1,035,780 976,000 ? 292,800 109,800 Plan assets (fair value), December 31 Projected benefit obligation, January 1 Pension asset/liability, January 1 Prior service cost, January 1 Service cost Actual and expected return on plan assets Amortization of prior service cost Contributions (funding) Accumulated benefit obligation, December 31 Interest/settlement rate 29,280 36,600 12,200 140,300 14,640 146,400 610,000 671,000 9 % 9 % Compute pension expense for 2020 and 2021. Pension expense for 2020 $ Pension expense for 2021 $Step by Step Solution
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