On December 31, 2015, Clemson Company Determined That the 2015

question 30

Essay

On December 31, 2015, Clemson Company determined that the 2015 service cost on its defined benefit pension plan was $245,000. At the beginning of 2015, Clemson had pension plan assets totaling $990,000 and a projected benefit obligation of $750,000. Its discount rate and expected long-term rate of return on plan assets for 2015 were both 12%.
Required:
1) Compute the amount of Clemson's pension expense for 2015.
2) Record the journal entries for Clemson's 2015 pension expense if it funds the pension plan in the amount of a)
$225,000 and b) $210,000.

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