Business, 28.01.2021 22:40 PaulJames

Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year: Projected benefit obligation Balance, January 1 $ 150,000,000 Service cost 25,000,000 Interest cost 15,000,000 Benefits paid (12,000,000 ) Balance, December 31 $ 178,000,000 Plan assets Balance, January 1 $ 90,000,000 Actual return on plan assets 11,000,000 Contribution 23,000,000 Benefits paid (12,000,000 ) Balance, December 31 $ 112,000,000 The expected long-term return on plan assets is 10%. There were no other relevant data for the year. Required: 1. Determine Burrito's pension expense for the year. 2. Prepare the journal entries to record the pension expense and funding for the year.

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Burrito Corporation has a defined benefit pension plan. Burrito received the following information f...