The following information is available for the pension plan of Windsor Company for the year 2020. Compute pension expense for the year 2020: Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. Actual and expected return on plan assets $ 14,900 Benefits paid to retirees 42,000 Contributions (funding) 83,300 Interest/discount rate 9 % Prior service cost amortization 7,700 Projected benefit obligation, January 1, 2020 511,000 Service cost 55,100
The following information is available for the pension plan of Windsor Company for the year 2020. Compute pension expense for the year 2020: Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. Actual and expected return on plan assets $ 14,900 Benefits paid to retirees 42,000 Contributions (funding) 83,300 Interest/discount rate 9 % Prior service cost amortization 7,700 Projected benefit obligation, January 1, 2020 511,000 Service cost 55,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is available for the pension plan of Windsor Company for the year 2020.
Compute pension expense for the year 2020:
Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020.
| Actual and expected return on plan assets | $ 14,900 | ||
| Benefits paid to retirees | 42,000 | ||
| Contributions (funding) | 83,300 | ||
| Interest/discount rate | 9 | % | |
| Prior service cost amortization | 7,700 | ||
| Projected benefit obligation, January 1, 2020 | 511,000 | ||
| Service cost |
55,100 |
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