Carolina Consulting Company has a defined benefit pension plan.The following pension-related data were available for the current calendar year:

There were no other relevant data.
Required:
1)Calculate the 2016 pension expense.Show calculations.
2)Prepare the 2016 journal entries to record pension expense and funding.
3)Prepare any journal entries to record any 2016 gains or losses.

Question

Carolina Consulting Company has a defined benefit pension plan.The following pension-related data were available for the current calendar year:
  
There were no other relevant data.
Required:
1)Calculate the 2016 pension expense.Show calculations.
2)Prepare the 2016 journal entries to record pension expense and funding.
3)Prepare any journal entries to record any 2016 gains or losses.

Quizplus · Accepted Answer

The Answer of Carolina Consulting Company has a defined benefit pension plan.The following pension-related data were available for the current calendar year:
  
There were no other relevant data.
Required:
1)Calculate the 2016 pension expense.Show calculations.
2)Prepare the 2016 journal entries to record pension expense and funding.
3)Prepare any journal entries to record any 2016 gains or losses.

Carolina Consulting Company Has a Defined Benefit Pension Plan