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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
- Compute pension expense for the year 2016
- Record 2016 journal entry for pension expense
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