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 $490,900
Projected benefit obligation, January 1, 2014 490,900
Settlement rate 8 %
Service cost 42,600
Contributions (funding) 25,470
Actual and expected return on plan assets 48,270
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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