Homework answers / question archive / The following information is available for Oriole Corporation’s pension plan for the year 2020: Plan assets, January 1, 2020   $410,000   Actual return on plan assets   17,000   Benefits paid to retirees   40,300   Contributions (funding)   94,100   Discount rate   11%   Defined benefit obligation, January 1, 2020, accounting basis valuation   506,000   Service cost   66,300     Calculate pension expense for the year 2020, assuming that Oriole follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation

The following information is available for Oriole Corporation’s pension plan for the year 2020: Plan assets, January 1, 2020   $410,000   Actual return on plan assets   17,000   Benefits paid to retirees   40,300   Contributions (funding)   94,100   Discount rate   11%   Defined benefit obligation, January 1, 2020, accounting basis valuation   506,000   Service cost   66,300     Calculate pension expense for the year 2020, assuming that Oriole follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation

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The following information is available for Oriole Corporation’s pension plan for the year 2020:

Calculate pension expense for the year 2020, assuming that Oriole follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation.

Provide the entries to recognize the pension expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)