(Answered) Example problemproblem 1for 2004 carter corporation had

Accounting

Example Problem

Problem 1

For 2004, Carter Corporation had pension expense of $43 million and contributed $65 million to the pension fund. Prepare Carter Corporation's journal entry to record pension income and funding.

Solution:

Pension Expense 43,000,000

Prepaid/Accrued Pension Cost 22,000,000

Cash 65,000,000

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