Scallion Company received the following reports of its defined benefit pension plan for the current calendar year: PBO Balance, Jan. 1 Service Cost Interest cost Benefits paid Balance, Dec. 31 $400,000 195,000 32,000 (80,000) $547,000 Plan Assets Balance, Jan. 1 Actual return Annual contribution Benefits paid Balance, Dec. 31 Expected rate of return on plan assets is 10% 1. Please calculate pension expenses and make the entry $250,000 30,000 110,000 (80,000) 310,000

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.