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TB Problem 17-171 (Static) Pension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 8% Expected return on plan
TB Problem 17-171 (Static) Pension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $400,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $3,000,000 2,000,000 3,200,000 30,000 7,000 $ 275,000 310,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the journal entries to record pension expense and funding for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less No Transaction General Journal Debit Credit 1 1 Pension expense 275,000x Cash 275,000 2 2 68,000 Pension expense PBO x 68,000x
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