Recording Pension Expense, Plan Funding, Benefit Payments

LetsGo Inc. sponsors a defined benefit plan and determined that for the current year of 2020, service cost was $400,000, amortization of prior service cost was $2,880, interest cost was $33,760, and the expected (and actual) return on plan assets was $28,800. LetsGo will contribute $72,000 to the plan for 2020 and payments to retirees totaled $24,000 in 2020. Record the journal entries for pension expense, to fund the plan, and to pay benefits for 2020.

• Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order.
• JUST WANT TO REVIEW WHAT THE CORRECT JOURNAL ENTRIES SHOULD BE
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Question 7 Partially correct Mark 20.00 out of 24.00 Flag question Edit question Recording Pension Expense, Plan Funding, Benefit Payments LetsGo Inc. sponsors a defined benefit plan and determined that for the current year of 2020, service cost was $400,000, amortization of prior service cost was $2,880, interest cost was $33,760, and the expected (and actual) return on plan assets was $28,800. LetsGo will contribute $72,000 to the plan for 2020 and payments to retirees totaled $24,000 in 2020. Record the journal entries for pension expense, to fund the plan, and to pay benefits for 2020. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Cr. Dr. 407,840 28,800 Dec. 31, 2020 Pension Expense Plan Assets 0 0 OCIPrior Service Cost 0 2,880 433,760 X 0 X 72,000 0 0 72,000 Accrued Pension Liability To record pension expense Dec. 31, 2020 Accrued Pension Liability Cash To record plan funding Dec. 31, 2020 Cash Pension Expense To record benefit payments X 24,000 0 X 0 24,000