Pension expense and Journal entries
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Compute pension expense and journal entries.
2009
Plan assets (FV) 12/31 $699000
Projected benefit obligation 1/1 $700000
Pension asset/Liability 1/1 $140000 CR
Prior service cost 1/1 $250000
Service Cost $60000
Actual and expected return on plan assets $24000
Amortization of prior service cost $10000
Contributions (Funding) $115000
Accumulated benefits obligation 12/31 $500000
Interest/Settlement rate 9%
2010
Plan assets (FV) 12/31 $849000
Projected benefit obligation 1/1 $800000
Pension asset/Liability 1/1 $??
Prior service cost 1/1 $240000
Service Cost $90000
Actual and expected return on plan assets $30000
Amortization of prior service cost $12000
Contributions (Funding) $120000
Accumulated benefits obligation 12/31 $550000
Interest/Settlement rate 9%
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