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SuperSports provides you the following pension data for the year 2016 Service Cost, 2016 248,000 Projected Benefit Obligation, January 2016 340,000 Plan Assets (Fair Value),

SuperSports provides you the following pension data for the year 2016

Service Cost, 2016 248,000

Projected Benefit Obligation, January 2016 340,000

Plan Assets (Fair Value), January 1, 2016360,000

Prior Service Cost - AOCI (2016 amoritization, $25,000) 250,000

Net Loss - AOCI (2016 amoritization, $10,000) 110,000

Actual Return on Plan Assets 45,000

Interest rate and expected return on plan assets 10%

Contributions made to plan assets during 2016 175,000

Requirement

  1. Compute pension expense for the year 2016
  2. Record 2016 journal entry for pension expense

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