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

Accounting Nov 12, 2021

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.

Pension expense

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.)