Swan Company Has Provided You with the Following Data Pertaining

question 14

Essay

Swan Company has provided you with the following data pertaining to its pension plan for the year ended December 31,2014:
• The 2014 service cost was $175,500.
• The projected benefit obligation as of January 1,2014 was $1,950,000.
• Plan assets as of January 1,2014 totaled $2,020,000.
• The actual return on plan assets during 2014 was 10%.
• Amortization of prior service costs during 2014 was $9,750.
• The expected return on plan assets was 8%.
• The pension plan funding during 2014 totaled $170,000.
• The settlement/discount rate was 8%.
Prepare the journal entry to record pension expense for the year ended December 31,2014.

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Definitions:

Union Drive

A campaign or movement orchestrated by employees and labor organizers to establish a labor union representation within a workplace.

Legal Advice

Professional consultation regarding the law, rights, and obligations, typically provided by a licensed attorney.

Discriminate

To treat someone differently or unjustly based on personal characteristics, such as race, age, gender, or religion, that are irrelevant to their ability to perform a job.

Coerce Employees

The act of compelling employees to act in a certain manner through force or threats, often undermining their autonomy or consent.