Service cost component for 2011 is 150000 and the, Ask an Expert

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Service cost component for 2011 is $150,000 and the amortization of the prior service cost is $240,000. The company's actual funding of the plan in 2011 amounted to $160,000. Expected return on plan assets and the settlement rate were both 8%.

(a) determine the pension expense to be reported in 2011
(b) prepare the journal entry to record pensiom expense and the employers' contribution to the plan in 2011

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9977791

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