Pension data for John Ferguson Company include the following for the current calendar year:
Discount rate: 7%
Expected return on plan assets: 11%
Actual return on plan assets: 10%
Service cost: $250,000
January 1:
December 31:
Required:
1.Determine pension expense for the year.
2.Prepare the journal entries to record pension expense and funding and distributions to employees for the year.

Question

Pension data for John Ferguson Company include the following for the current calendar year:
Discount rate: 7%
Expected return on plan assets: 11%
Actual return on plan assets: 10%
Service cost: $250,000
January 1:
  December 31:
  Required:
1.Determine pension expense for the year.
  2.Prepare the journal entries to record pension expense and funding and distributions to employees for the year.

Quizplus · Accepted Answer

The Answer of Pension data for John Ferguson Company include the following for the current calendar year:
Discount rate: 7%
Expected return on plan assets: 11%
Actual return on plan assets: 10%
Service cost: $250,000
January 1:
  December 31:
  Required:
1.Determine pension expense for the year.
  2.Prepare the journal entries to record pension expense and funding and distributions to employees for the year.

Pension Data for John Ferguson Company Include the Following for the Current