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The following facts apply to the pension plan of Boudreau Inc. for the year 2014....

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Accounting

The following facts apply to the pension plan of Boudreau Inc. for the year 2014.

Plan assets, January 1, 2014 $490,200

Projected benefit obligation, January 1, 2014 490,200

Settlement rate 8 % Service cost 42,820

Contributions (funding) 26,770

Actual and expected return on plan assets 48,010

Benefits paid to retirees 34,160

Using the preceding data, compute pension expense for the year 2014. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2014 and the year-end balances in the related pension accounts.

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