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Homework answers / question archive / The following information is available for the pension plan of Flounder Company for the year 2020
The following information is available for the pension plan of Flounder Company for the year 2020.
Actual and expected return on plan assets $ 14,100
Benefits paid to retirees 41,400
Contributions (funding) 90,300
Interest/discount rate 10 %
Prior service cost amortization 8,000
Projected benefit obligation, January 1, 2020 523,000
Service cost 54,600
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(a)
Correct answer. Your answer is correct.
Compute pension expense for the year 2020.
Pension expense for 2020
$100,800
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(b)
Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation Debit Credit
enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
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