PROBLEM 1 (10 points)

Assume the following pension data for year 2019:

Service cost $90,000

Contribution $105,000

Actual return $64,000

Benefits $40,000

Plan assets 1/1/19 $640,000

PBO 1/1/19 $800,000

Interest rate 10%

Compute pension expense. Prepare the journal entry for pension expense only.

Show all computations. Hint: not all data above are needed for this question.

This is all the information that was given on the worksheet

Answer rating: 100% (QA)

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