(Answered) Problem - the following information is related to the hedge

Accounting

Problem - The following information is related to the Hedge Co. post-retirement ("pension") benefits plan for 2011:

Service Cost $168,000

Discount Rate 10%

EPBO, January 1, 2011 820,000

APBO, January 1, 2011 640,000

Actual return on plan assets in 2011 22,400

Expected return on plan assets in 2011 29,000

Contributions (funding) 224,000

Instructions:

(a) Compute the amount of post-retirement expense for 2011. (Show computations.)

(b) Prepare the journal entry to record post-retirement expense and Hedge's contributions for 2011.

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