Evaluate pension expense for the year 2010. prepare journal, Ask an Expert

Accounting

The following information is available for pension plan of Kiley Company for the year 2010.

Actual and expected return on plan assets	$12,000
Benefits paid to retirees	40,000
Contributions (funding)	95,000
Interest / discount rate	10%
Prior service cost amortization	8,000
Projected benefit obligation, Januuary 1, 2010	500,000
Service cost	60,000

Instructions

a. Compute pension expense for the year 2010.

b. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9159983

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