Swan Company has provided you with the following data pertaining to its pension plan for the year ended December 31,2014:
• The 2014 service cost was $175,500.
• The projected benefit obligation as of January 1,2014 was $1,950,000.
• Plan assets as of January 1,2014 totaled $2,020,000.
• The actual return on plan assets during 2014 was 10%.
• Amortization of prior service costs during 2014 was $9,750.
• The expected return on plan assets was 8%.
• The pension plan funding during 2014 totaled $170,000.
• The settlement/discount rate was 8%.
Prepare the journal entry to record pension expense for the year ended December 31,2014.

Question

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The Answer of Swan Company has provided you with the following data pertaining to its pension plan for the year ended December 31,2014:
• The 2014 service cost was $175,500.
• The projected benefit obligation as of January 1,2014 was $1,950,000.
• Plan assets as of January 1,2014 totaled $2,020,000.
• The actual return on plan assets during 2014 was 10%.
• Amortization of prior service costs during 2014 was $9,750.
• The expected return on plan assets was 8%.
• The pension plan funding during 2014 totaled $170,000.
• The settlement/discount rate was 8%.
Prepare the journal entry to record pension expense for the year ended December 31,2014.

Swan Company Has Provided You with the Following Data Pertaining