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Q1) Following information is available for pension plan of Kiley Company for 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 year 2010.

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

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916288

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