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Problem 18 -Gregory Inc. received the following information from its pension the operation of the company's defined-benefit pension plan for the yer Project benefit obligation
Problem 18 -Gregory Inc. received the following information from its pension the operation of the company's defined-benefit pension plan for the yer Project benefit obligation Market-related asset value on plan trustee concerning $2,500,000 1,250,000 1,930,000 Accumulated benefit obligation The service cost com The company's actual funding of the plan assets and the settlement rate were both 8%. ponent for 2013 is $150,000 and the amortization of prior service cost is a in 2013 amounted to $510,000. The expected return on plan Instructions a) Determine the pension expense to be reported in 2013 Prepare the journal entry to record pension expense and the employers' contribution to the pension plan in 2013. b)
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