Question
The following information is available for the pension plan of Tyson Company for the year 2020. Actual and expected return on plan assets $ 14,300
The following information is available for the pension plan of Tyson Company for the year 2020.
Actual and expected return on plan assets | $ 14,300 | ||
Benefits paid to retirees | 41,900 | ||
Contributions (funding) | 96,100 | ||
Interest/discount rate | 10 | % | |
Prior service cost amortization | 8,800 | ||
Projected benefit obligation, January 1, 2020 | 529,000 | ||
Service cost | 58,800 |
Compute pension expense for the year 2020.
Pension expense for 2020 | $enter pension expense for 2017 in dollars |
Prepare the journal entry to record pension expense and the employers contribution to the pension plan in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
These are the accounts that can be used:
- Accumulated Depreciation
- Accumulated Other Comprehensive Income
- Actuarial Loss on Defined Benefit Plan
- Cash
- Common Stock
- Cost of Goods Sold
- Depreciation Expense
- Interest Expense
- Inventory
- Notes Payable
- Other Comprehensive Income (G/L)
- Other Comprehensive Income (PSC)
- Pension Asset/Liability
- Pension Expense
- Plant and Equipment
- Postretirement Asset/Liability
- Postretirement Expense
- Retained Earnings
- Salary Expense
- Sales
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