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Castillo Company has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginning PBO, $75,000; service cost, $18,000; interest cost, $5,000; benefits paid for the year, $9,000; ending PBO, $89,000; the expected return on plan assets, $10,000; and cash deposited with pension trustee, $17,000. There were no other pension related costs.prepare The journal entry to record the annual pension costs will include a credit to the PBO for:

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Accounting Basics, Accounting

Category:- Accounting Basics
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