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The following facts apply to the pension plan of Cullumber Inc. for the year 2025. Plan assets, Jan 1 2025: $490,400 Projected benefit obligation, Jan
The following facts apply to the pension plan of Cullumber Inc. for the year 2025.
CULLUMBER INC. Pension Worksheet-2025 CULLUMBER INC. Pension Worksheet-2025 Plan assets, Jan 1 2025: $490,400
Projected benefit obligation, Jan 1 2025: 490,400
Settlement rate: 8%
Service cost: 38,500
Contributions (funding): 27,300
Actual and expected return on plan assets: 48,000
Benefits paid to retirees: 32,500
Using this data, compute the pension expense for the year 2025. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense in 2025 and the year-end balances in the related pension accounts. (Enter all amounts as positive. Pension worksheet attached) 
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Auditing Philosophy And Technique
Authors: John William Cook
1st Edition
039520660X, 978-0395206607
