The following information is available for the pension plan of Wildhorse Company for the year 2020. Actual and expected return on plan assets   $ 15,800   Benefits paid to retirees   39,500   Contributions (funding)   88,700   Interest/discount rate   11 % Prior service cost amortization   7,600   Projected benefit obligation, January 1, 2020   548,000   Service cost   60,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following information is available for the pension plan of Wildhorse Company for the year 2020.

Actual and expected return on plan assets   $ 15,800  
Benefits paid to retirees   39,500  
Contributions (funding)   88,700  
Interest/discount rate   11 %
Prior service cost amortization   7,600  
Projected benefit obligation, January 1, 2020   548,000  
Service cost   60,000  

(a)

 
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Compute pension expense for the year 2020.

Pension expense for 2020  
$enter pension expense for 2017 in dollars 
 

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(b)

 
 
Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation
Debit
Credit
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
 

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