(Answered) Question - pension expense and liabilitypitchford company

Accounting

Question - Pension Expense and Liability

Pitchford Company adopted a defined benefit pension plan on January 1, 2010, at which time it awardedretroactive benefits to its employees. The following information is available in regard to this plan:

Prior service cost on 1/1/10 related to retroactive benefits: $300,000 (not funded)

Planned amortization of prior service cost: 25,000 per year

Pension expense for 2010 ($95,000 funded): 105,000*

Fair value of plan assets, end of 2010: 95,000

Projected benefit obligation, end of 2010: 380,000

*Includes amortization of prior service cost.

Required: Prepare all the journal entries related to Pitchford Company's pension plan for 2010?

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