Pension Data for the Ben Franklin Company Include the Following

question 54

Essay

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

Required:
1)Determine pension expense for the year.
2)Prepare the journal entries to record pension expense and funding for the year.

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