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t t Kessler, Inc. received the following information from its pension plan trustee conceming the operation of the company's defined-beneft pension plan for the year
t t Kessler, Inc. received the following information from its pension plan trustee conceming the operation of the company's defined-beneft pension plan for the year ended December 31 2018: January 1, 2018 2018 Projected benefit obligation Fair value of plan assets Accumulated benefit obligation Accumulated OC1-(PSC) $2,430,000 1,180,000 1,923,000 533,000 $2,780,000 1,530,000 2,613,000 296,500 The service cost component for 2018 is $136,500 and the amortization of prior service cost is $236,500. The company's actual funding of the plan in 2018 amounted to $493,000. The expected return on plan assets and the settlement rate wero both 8%. Determine the pension expense to be reported in 2018. Pension expense SHOW LI automatically indented when amount is Prepare the journal entry to record pension expense and the employers entered. Do not indent manually.) contribution to the pension plan in 2018. (Credit account titles are Debit Credit Account Titles and Explanation
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