I really need help figuring out how to fill in the pension expense worksheet. ...
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I really need help figuring out how to fill in the pension expense worksheet.
P20-1 (LO1,2,3,4) Pension Expense, Journal Entries for 2 Years Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2017 and 2018 2017 2018 Plan assets (fair value), December 31 Projected benefit obligation, January 1 Pension assetliability, January 1 Prior service cost, January 1 Service cost Actual and expected return on plan assets Amortization of prior service cost Contributions (funding) Accumulated benefit obligation, December 31 Interest/settlement rate $699,000 849,000 800,000 700,000 140,000 Cr 250,000 60,000 24,000 10,000 115,000 500,000 9% 240,000 90,000 30,000 12,000 120,000 550,000 9% Instructions: (a) Compute pension expense for 2017 and 2018
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