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The following information is available for the pension plan of Teal Company for the year 2020. Actual and expected return on plan assets $ 15,600
The following information is available for the pension plan of Teal Company for the year 2020. Actual and expected return on plan assets $ 15,600 Benents paid to retirees 41,300 Contributions (funding) 90,700 Interest/discount rate 10 % Prior service cost amortization 8,700 Projected benefit obligation, January 1, 2020 534,000 Service cost 57,200 Compute pension expense for the year 2020. Pension expense for 2020 $ 103,700 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. (Credit account titles automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
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