Pension data for the Ben Franklin Company include the following for the current calendar year:
Discount rate, 8%
Expected return on plan assets, 10%
Actual return on plan assets, 9%
Service cost, $200,000 Required:
1) Determine pension expense for the year.
2) Prepare the journal entries to record pension expense and funding for the year.

Question

Pension data for the Ben Franklin Company include the following for the current calendar year:
Discount rate, 8%
Expected return on plan assets, 10%
Actual return on plan assets, 9%
Service cost, $200,000  Required:
1) Determine pension expense for the year.
2) Prepare the journal entries to record pension expense and funding for the year.

Quizplus · Accepted Answer

The Answer of Pension data for the Ben Franklin Company include the following for the current calendar year:
Discount rate, 8%
Expected return on plan assets, 10%
Actual return on plan assets, 9%
Service cost, $200,000  Required:
1) Determine pension expense for the year.
2) Prepare the journal entries to record pension expense and funding for the year.

Pension Data for the Ben Franklin Company Include the Following