Question
SuperSports provides you the following pension data for the year 2016. Item Service Cost, 2016 $248,000 Projected Benefit Obligation, January 2016 $340,000 Plan assets (fair
SuperSports provides you the following pension data for the year 2016.
Item | |
Service Cost, 2016 | $248,000 |
Projected Benefit Obligation, January 2016 | $340,000 |
Plan assets (fair value), Januray 1, 2016 | $360,000 |
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 |
SuperSports requests you to:
- Compute pension expense for the year 2016
- Record 2016 journal entry for pension expense
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