Suntand Cormpany sponsors a defined benefit pension plan for its employees. The following data relate to the
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Question:
Suntand Cormpany sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year in which no benefits were paid.
The actuarial present value of future benefits camed by employees for services rendered in amuented to $
The compary's funding policy requires a contribution to the pension trustme smeunting to $ for
As of January the company had a projected benefit obligation of $ an actumulated benefit obligation of SBO and a debit balance of $ in accumulated OCI PSC The fair vahue of pension plan assets amounted to $ ot the beginning of the year. The actual and expected retum on plan assets was $ The settiement rate was ons. No gains or fosres becurted in and no benefits were paid.
Amortization of prior service cost was $ in Amortization of net gain or lass was not required in
a
b
Prepare the joumal entry to record pension expense and the employer's contribution to the pension trustee in Credit account ttiles are autometically indented when amount is entered. Do not indent manually. If no entry is required, select No entry" for the occount titles and enter for the amounts. List all debit entries before credit entries.
Account Titles and Explanation
Debit
Credit
Posted Date: