Business, 01.02.2021 22:40 adiboo2004

Pension data for the Ben Franklin Company include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $200,000. January 1:
PBO $1,400,000
ABO 1,000,000
Plan assets 1,500,000
Amortization of prior service cost 20,000
Amortization of net gain 4,000
December 31:
Cash contributions to pension fund $220,000
Benefit payments to retirees 240,000
Required:
1. Determine pension expense for the year.
2. Prepare the journal entries to record pension expense and funding for the year.
3. Describe the "corridor" approach to amortizing actuarial gains or losses.

Answers: 3

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Pension data for the Ben Franklin Company include the following for the current calendar year: Disco...