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Veldre Company provides the following information about its defined benefit pension plan for the year 2014 Service cost $ 90,000 Contribution to the plan 105,000

Veldre Company provides the following information about its defined benefit pension plan for the year 2014

Service cost $ 90,000

Contribution to the plan 105,000

Prior service cost amortization 10,000

Actual and expected return on plan assets 64,000

Benefits paid 40,000

Plan assets at January 1, 2014 640,000

Projected benefit obligation at January 1, 2014 700,000

Accumulated OCI (PSC) at January 1, 2014 150,000

Interest/discount (settlement) rate 10%

Using the precdeing data, compute pension expense for the year 2014. As a part of your solution, prepare a pension worksheet inserting January 1, 2014, balances, and journal entry recording pension expesne.

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