(Answered) Question - the following information is available for the

Accounting

Question - The following information is available for the Pension Plan of 123 Company for the 2016 Calendar Year:

Actual and expected return on plan assets for 2016 $12,000

Benefits paid to retirees $40,000

Contributions to the fund made by the Company $90,000

Prior service cost amortization $10,000

Projected benefit obligation, January 1, 2016 $500,000

Interest/discount rate 10% Service cost $60,000

Calculate the pension expense for 2016 for the 123 Company. Show your calculation in a tabular format below.

Record the journal entry to record the pension expense for 2016 based upon the information you are provided above.

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