Pension data for the Broncos 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 January 1: PBO $1,400,000 ABO 1,000,000 Plan assets 1,500,000 Amortization of prior service cost 20,000 Amortization of net gain 4,000 December 31: Cash contributions to pension fund $220,000 Benefit payments to retirees 240,000 Required: 1) Determine pension expense for the year. Show your calculation. If not, no credit. 2) Prepare the journal entries to record pension expense and funding for the year. 3) Compute the ending balance of PBO (balance on 12/31).

Smith, Inc. has a pension plan with the following data available for 20X1 and 20X2:     20X1 20X2 Service cost $ 30,000   $ 34,000   Interest cost $ 18,000   $ 20,000   Actual return on plan assets $ 15,000   $ 21,600   Beginning of year plan assets $ 200,000   $ 240,000   Discount rate   8 %   8 % Expected return on plan assets   8 %   8 %     The adjustment to OCI for gain or loss from the return on plan assets for 20X1 is:   Multiple Choice   $0.   $1,000 gain.   $1,000 loss.   unknown from information provided.

The following data relate to Ramesh Company's defined benefit pension plan:                                                                                                              ($ in millions) Plan assets at fair value, January 1                                                             $720 Expected return on plan assets                                                                       72 Actual return on plan assets                                                                            58 Contributions to the pension fund (end of year)                                             124 Amortization of net loss                                                                                    14 Pension benefits paid (end of year)                                                                  17 Pension expense                                                                                              96   Required: Determine the amount of pension plan assets at fair…

Brooks Co. had pension plan assets and PBO of $150,000 on 1/1/24. Service cost for the year was $30,000. It contributed $28,000 during the year and paid benefits of $20,000. The interest rate was 10%. The actual return was $14,000. Compute pension expense. Show computations'