Recording Pension Expense, Plan Funding, Benefit Payments LetsGo Inc. sponsors a defined benefit plan and...
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Recording Pension Expense, Plan Funding, Benefit Payments LetsGo Inc. sponsors a defined benefit plan and determined that for the current year of 2020, service cost was $250,000, amortization of prior service cost was $1,800, interest cost was $21,100, and the expected (and actual) return on plan assets was $18,000. LetsGo will contribute $45,000 to the plan for 2020 and payments to retirees totaled $15,000 in 2020. Record the journal entries for pension expense, to fund the plan, and to pay benefits for 2020. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Account Name Dr. Cr. Date Dec 31, 2020 To record pension expense Dec. 31, 2020 To record plan funding Dec 31, 2020 To record benefit payments
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