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The following information is available for the pension plan of Bonita Company for the year 2017. Actual and expected return on plan assets $ 15,900
The following information is available for the pension plan of Bonita Company for the year 2017.
Actual and expected return on plan assets | $ 15,900 | ||
Benefits paid to retirees | 42,200 | ||
Contributions (funding) | 76,600 | ||
Interest/discount rate | 9 | % | |
Prior service cost amortization | 8,800 | ||
Projected benefit obligation, January 1, 2017 | 485,000 | ||
Service cost | 54,900 |
Compute pension expense for the year 2017.
Prepare the journal entry to record pension expense and the employers contribution to the pension plan in 2017
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